Accounting 9706 · AS & A Level · Reconciliation and verification

Reconciliation and verification — practice question

A businessman thinks that some of his inventory may have been stolen. The information given is as follows. sales revenue: $45600$ purchases: $33600$ inventory at 1 May 2020: $8300$ inventory at 30 April 2021: $4500$ Every item is marked up by $33\frac{1}{3}\%$. What was the value of inventory stolen?

  • A$600
  • B$3200
  • C$4400
  • D$7000

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