Qurin Wines Limited is a manufacturer of fortified wines and was issued with an excise license...
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Qurin Wines Limited is a manufacturer of fortified wines and was issued with an excise license in the month of January 2016. Records in the Company indicated that they manufactured 30,000litres of fermented wines at 10% alcoholic strength in February 2016. They also purchased 2,000litres of neutral spirit from Petra Ltd in the month of February 2016. During the same period, they used all the spirit to make fortified wine of 16.4% alcoholic strength. If all the quantities of neutral spirit purchased were utilized in producing fortified wine which were sold within the month, Calculate the total excise duty due at the end of February 2016 Qurin Wines Limited is a manufacturer of fortified wines and was issued with an excise license in the month of January 2016. Records in the Company indicated that they manufactured 30,000litres of fermented wines at 10% alcoholic strength in February 2016. They also purchased 2,000litres of neutral spirit from Petra Ltd in the month of February 2016. During the same period, they used all the spirit to make fortified wine of 16.4% alcoholic strength. If all the quantities of neutral spirit purchased were utilized in producing fortified wine which were sold within the month, Calculate the total excise duty due at the end of February 2016
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Total volume of fermented wine manufactured 30000 litres ... View the full answer
Related Book For
Cornerstones of Managerial Accounting
ISBN: 978-0176530884
2nd Canadian edition
Authors: Maryanne M. Mowen, Don Hanson, Dan L. Heitger, David McConomy, Jeffrey Pittman
Posted Date:
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