Accounting 0452 · IGCSE · Valuation of inventory

Valuation of inventory — practice question

For Tahir’s first year of trading, the information given was: sales $170\,000; sales returns $6000; purchases $129\,000. Tahir’s gross margin amounted to $25\%$. What was the value of closing inventory?

  • A$1000
  • B$2200
  • C$6000
  • D$7500

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