Reference no: EM132822729
Problem 1: Cee is using the periodic inventory sytem. For the year, its total purchases amounted to ?250,000. Its unsold merchandise at the end of the year has a cost of ?5,000 which is 80% of its beginning inventory. Cee's cost of sales is?
a. ? 249,000
b. ? 251,250
c. ? 250,000
d. ? 248,750
Problem 2: On the eve of February 14, a fire destroyed the entire merchandise inventory of Dee Merchandising. the merchandise were not insured with any insurance company. The following data were gathered: Inventory, January 1 - ? 250,000; Purchases from January 1 to February 14 - ?1,500,000; Sales from January 1 to February 14 - ?2,000,000; Mark up percentage on cost - 25%. What is the approximate inventory loss as a result of the fire?
a. ? 312,500
b. ? 1,500,000
c. ? 150,000
d. ? 250,000
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