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Calculate the cost of the inventory stolen

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Reference no: EM132536326

Question - INVENTORY INCOMPLETE RECORDS

T Scott had the whole of his inventory stolen from his warehouse on the night of 20 Aug 2020. Also destroyed were his sales and purchases journals, but sales and purchased ledgers were salvaged. The following facts are known

a. Inventory was know at the last Statement of Financial position date 31/3/2020 to be $12480 at cost.

b. Receipts from customers during the period 1 Apr to 20 Aug 2020 amounted to $31745.

Trade receivables were at 31 March 2020 $14278 at 20 Aug 2020 $12333.

c, Payments to creditors during 1 April to 20 Aug 2020 amounted to $17270.

Trade payables were at 31 March 2020 $7633 at 20 Aug 2020 S6289.

d. Gross profit margin on sales has been constant at 25%.

Required - Calculate the cost of the Inventory stolen. Show your answer in the form of a pro forma Trading account and show all calculations.

Reference no: EM132536326

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