A business provided the information shown for a period.
The rate of inventory turnover for the period was 12 times and the business attained a gross profit margin of 40%.
The business also made some purchases returns and incurred an amount for carriage inwards.
What was the value of inventory at the beginning of the period?
＄100 000
2 )
＄116 667
3 )
＄128 572
4 )
＄200 000
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