A firm reports sales of 260,000. It had opening stock of 60,000 and purchases of 150,000. Given that the firm has a margin of 3 / 10. What was the value of the closing stock? 10,000 28,000 78,000 200,000

A firm reports sales of 260,000. It had opening stock of 60,000 and purchases of 150,000. Given that the firm has a margin of 3 / 10. What was the value of the closing stock? 10,000 28,000 78,000 200,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

A firm reports sales of 260,000. It had opening stock of 60,000 and purchases of 150,000.

Given that the firm has a margin of 3 / 10. What was the value of the closing stock?

10,000
28,000
78,000
200,000

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