Goods are transferred from the factory to the warehouse at a mark-up of 33 1/3 %. At
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Goods are transferred from the factory to the warehouse at a mark-up of 33 1/3 %. At 1 April 2003, the balance on the Provision for Unrealised Profit was $17000. At 31 March 2004, the closing stock of finished goods was $60 000.
What was the effect on profit of the entry in the Provision for Unrealised Profit on 31 March 2004?
A. Decrease of $2000
B. Decrease of $3000
C. Increase of $2000
D. Increase of $3000
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