Footlite Limes marks its goods up by 50%. The business sells an item of inventory for R3
Question:
Footlite Limes marks its goods up by 50%. The business sells an item of inventory for R3 000, which represents a discount of 10% on normal selling price before VAT.
You are required to:
1. Calculate the VAT payable if inventory is sold at the usual price.
2. Calculate the normal selling price.
3. Calculate the cost of goods sold.
4. Calculate the gross profit.
5. Discuss the meaning of gross profit and net profit.
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Step by Step Answer:
Calculate the VAT payable if inventory is sold at the usual price VAT Value Added Tax is typically calculated as a percentage of the selling price bef...View the full answer
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Fundamental Accounting
ISBN: 9781485112112
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Authors: David Flynn, Carolina Koornhof, Ronald Arendse, Anna C. E. Coetzee, Edwardo Muriro, Louise Christel Posthumus, Louise Mancy Smit
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