Non-Profit Making Organisations
For You To Do 10: Solution
Did you get this?
| Based on the data supplied | |
|---|---|
| Opening stock | 1,277.00 |
| Purchases | 9,222.00 |
| Available for sale | 10,499.00 |
| Actual closing stock | 889.00 |
| Cost of sales | 9,610.00 |
| Estimated mark up | 1,922.00 |
| Estimated sales | 11,532.00 |
and this...
| Calculations from what should have happened | |
|---|---|
| Opening stock | 1,277.00 |
| Purchases | 9,222.00 |
| Available for sale | 10,499.00 |
| Estimated closing stock | 4,471.83 |
| Estimated cost of sales | 14,970.83 |
| Average mark up on actual sales | 2,994.17 |
| Actual sales | 17,965.00 |
therefore
| Stock appears to be missing | (3,583) |
You should now consider working with the club at finding out what has happened to the missing £3,583 of stock. After all, total purchases are only worth £9,222 so that's almost a third of the year's stock that's gone missing.