The following figures relate to the retail business of A Bell for the month of July 2016 Goods which are on sale fall into two categories, X and Y You are to calculate for each category of goods (a) Cost of goods sold (b) Gross profit (c) Total expenses (d) Net profit (e) Average inventory at cost,...

Data from the image Category Sales to the public at manufacturers recommended list price Trade discount allowed to retailers Total expenses as a perce ...

The following figures relate to the retail business of A. Bell for the month of July 2016.

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The following figures relate to the retail business of A. Bell for the month of July 2016. Goods which are on sale fall into two categories, X and Y.

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You are to calculate for each category of goods:

(a) Cost of goods sold.

(b) Gross profit.

(c) Total expenses.

(d) Net profit.

(e) Average inventory at cost, assuming that sales are distributed evenly over the year, and that each month is of the same length.

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Frank Woods Business Accounting Volume 1

ISBN: 9781292084664

13th Edition

Authors: Alan Sangster, Frank Wood

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Question Posted: Mar 28, 2024 04:05 AM

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The following figures relate to the retail business of A. Bell for the month of July 2016.

Question:

Sales to the public at manufacturer's recommended list price Trade discount allowed to retailers Total expenses as a percentage of sales Annual rate of inventory turnover Category X Category Y 9,000 24,000 15% 18% 14% 14% 10 16

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Frank Woods Business Accounting Volume 1

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