(a) If sales account is $15 000, purchases $6000, inventory (beginning or opening) $500, cartage inwards $100...

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(a)

If sales account is $15 000, purchases $6000, inventory (beginning or opening) $500, cartage inwards $100 and inventory (end or closing) $700, what is the inventory system that is used, the cost of sales and the gross profit?

(b)
If sales account is $30 000 and cost of sales account is $11 600, what is the inventory system that is used and the gross profit?

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Accounting An Introduction To Principles And Practice

ISBN: 9780170403832

9th Edition

Authors: Edward A. Clarke, Michael Wilson

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Question Posted: Feb 23, 2024 03:01 PM

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(a) If sales account is $15 000, purchases $6000, inventory (beginning or opening) $500, cartage inwards $100...

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a To determine the inventory system used the cost of sales and the gross profit we can calculate the ...View the full answer

Accounting An Introduction To Principles And Practice

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