A sole trader fixes her prices by adding 50 per cent to the cost of all goods purchased. On 31 October 20X3 a fire destroyed a considerable part of the inventory and all inventory records.Her trading account for the year ended 31 October 20X3 included
the following figures:
Sales????????????????????????????????????????????? $?????????????????????????$??????????????????????????
Opening inventory at cost?????? ? 183.600????????????? 281,250
Purchases??????????????????????????????? ?249,200
Closing inventory at cost???????? ? 432,800??????????? ?228,200
Gross profit??????????????????????????????? 204.600????????????? 53,050
Using this information, what inventory loss has occurred?