Association of Chartered Certified Accountants - ACCA (PAC150)

What is the correct margin figure if the gross profit mark up is 60%?  

Ken has not maintained a full set of accounting records for his business. He has the following information available for the quarter ended 30 June 20X9:

                                           $
Sales: Cash           20,000
            Credit      160,000
Purchases          143,000
Opening inventory 24,000

Ken applies a mark-up of 25% to all sales.

 What is the closing inventory of Ken at 30 June 20X9?

Jay opened a bike shop last year. He sells his products at a mark up of 35%. In the first year of trading, he bought goods for $73,700. His sales in the year were $85,900. 

 What is the value of Jay's closing inventory?  

In the year to 30 April 20X8, Tanya paid a total of $127,569 to her suppliers. Her opening and closing balances due to suppliers and her opening and closing inventory values were: 

                       Opening value    Closing value

 Suppliers     $11,564             $12,826 

Inventory      $5,288                $4,184

 What was Tanya's cost of sales for the year to 30 April 20X8?  

In the year to 30 November 20X7, Grace Smith obtained a 25% mark up on all her sales. Her sales for the year totalled $120,600. Her opening inventory was valued at $9,340 and her closing inventory was valued at $11,855.

 What was the value of Grace's purchases for the year to 30 November 20X7?   

At 31 October 20X6 Gina Dobbs owed her suppliers $13,856. During the year to 31 October 20X7, her payments to suppliers totalled $95,886, and at 31 October 20X7 she owed $11,552. 

 What is the value of Gina's credit purchases for the year to 31 October 20X7?