The following facts have been extracted from the books of Truth International Corporation: Sales during the year
Question:
The following facts have been extracted from the books of Truth International Corporation:
Sales during the year ₹1,34,70,000, the opening stock at cost was ₹61,25,000 and company made a purchase of ₹56,38,000. Certain goods costing ₹94,000 were damaged by fire and considered as abnormal loss. Past records reveal that company has been earning a gross profit margin of 37% on sales value that can be considered as a reasonable level of gross profit on sales.
Estimate cost of closing inventory.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 0% (1 review)
To estimate the cost of the closing inventory we need to consider the cost of opening stoc...View the full answer
Answered By
Ashington Waweru
I am a lecturer, research writer and also a qualified financial analyst and accountant. I am qualified and articulate in many disciplines including English, Accounting, Finance, Quantitative spreadsheet analysis, Economics, and Statistics. I am an expert with sixteen years of experience in online industry-related work. I have a master's in business administration and a bachelor’s degree in education, accounting, and economics options.
I am a writer and proofreading expert with sixteen years of experience in online writing, proofreading, and text editing. I have vast knowledge and experience in writing techniques and styles such as APA, ASA, MLA, Chicago, Turabian, IEEE, and many others.
I am also an online blogger and research writer with sixteen years of writing and proofreading articles and reports. I have written many scripts and articles for blogs, and I also specialize in search engine
I have sixteen years of experience in Excel data entry, Excel data analysis, R-studio quantitative analysis, SPSS quantitative analysis, research writing, and proofreading articles and reports. I will deliver the highest quality online and offline Excel, R, SPSS, and other spreadsheet solutions within your operational deadlines. I have also compiled many original Excel quantitative and text spreadsheets which solve client’s problems in my research writing career.
I have extensive enterprise resource planning accounting, financial modeling, financial reporting, and company analysis: customer relationship management, enterprise resource planning, financial accounting projects, and corporate finance.
I am articulate in psychology, engineering, nursing, counseling, project management, accounting, finance, quantitative spreadsheet analysis, statistical and economic analysis, among many other industry fields and academic disciplines. I work to solve problems and provide accurate and credible solutions and research reports in all industries in the global economy.
I have taught and conducted masters and Ph.D. thesis research for specialists in Quantitative finance, Financial Accounting, Actuarial science, Macroeconomics, Microeconomics, Risk Management, Managerial Economics, Engineering Economics, Financial economics, Taxation and many other disciplines including water engineering, psychology, e-commerce, mechanical engineering, leadership and many others.
I have developed many courses on online websites like Teachable and Thinkific. I also developed an accounting reporting automation software project for Utafiti sacco located at ILRI Uthiru Kenya when I was working there in year 2001.
I am a mature, self-motivated worker who delivers high-quality, on-time reports which solve client’s problems accurately.
I have written many academic and professional industry research papers and tutored many clients from college to university undergraduate, master's and Ph.D. students, and corporate professionals. I anticipate your hiring me.
I know I will deliver the highest quality work you will find anywhere to award me your project work. Please note that I am looking for a long-term work relationship with you. I look forward to you delivering the best service to you.
3.00+
2+ Reviews
10+ Question Solved
Related Book For
Question Posted:
Students also viewed these Business questions
-
The following facts have been extracted from the books of Faith International Corporation: Sales during the year 2,54,90,000, the opening stock at cost was 81,25,000 and company made a purchase of...
-
The following figures have been extracted from the accounting records of Lavalamp on 30 September 20X3: (i) Lavalamp has spent $6 million (included in the cost of sales) during the year developing...
-
Study: Your company needs to take another capital budgeting consideration regarding expansion of seafood product market. Your Financial Team was assigned the job to evaluate the potential risks of a...
-
In Exercises find a power series for the function, centered at c and determine the interval of convergence. f(x) 2 6 - x' C = -2
-
Yemi Ltd. is a retailer operating in Edmonton, Alberta. Yemi uses the perpetual inventory method. All sales returns from customers result in the goods being returned to inventory; the inventory is...
-
What do we mean by efficiency, and how is it related to underemployment of resources?. How are efficiency and inefficiency illustrated by a production possibilities curve?
-
A neutron star is an object with a mass of about \(1.4 M_{\odot}\), where the solar mass \(M_{\odot}=2 \times 10^{30}\) \(\mathrm{kg}\). The neutron star is aggregated to have density equal to that...
-
Roll Board Inc. manufactures several models of high-quality skateboards. The companys ABC system has four activity cost pools, which are listed below along with their activity measures and activity...
-
Explain the issues that an auditor may need to deal with in the cash accounts, especially if the company has foreign bank accounts for international transactions. Also, would a schedule of interbank...
-
Sach Organics Ltd could not complete the valuation of inventory on March 31, 2009; however, it valued the inventory on April 9, 2009. The relevant facts extracted from the accounting records for the...
-
The following records have been extracted from the stores ledger of Manglam Enterprises Ltd: Find out value of closing inventory under periodic system using (a) LIFO, (b) FIFO, (c) Simple average of...
-
Find the rest energy in joules and MeV of a proton, given its mass is 1.67 x 10 -27 kg.
-
Net cash flows of two projects are shown as below. + Year 1 2 3 4 5 Project 1 Net cash flow Project 2 Net cash flow -3000 -5000 1000 2000 1000 4000 -1000 -1000 2000 3000 (a) (10 points) Assume that...
-
An individual opens up a retirement pension at age 25 of an amount 5,000. He contributes 2,000 per annum each year up to his retirement at age 65. Interest is 5% compounded continuously. What payment...
-
KUALA LUMPUR (April 18). Unemployment has become a serious issue in Malaysia, says the Malaysian Institute of Economic Research (MIER), noting that the slower economic growth could not support the...
-
Explain how Repo 105 worked by showing the effect of a 50 billion repo 105 transaction. Where does the name come from? Why would Lehman have an incentive to undertake the transaction? What is the...
-
Hedge Fund A holds several long equity positions and an equal dollar amount of offsetting short positions. The fund has a "1.5 and 15" fee structure, for management and performance fees respectively...
-
You are currently trying to decide between two cost structures for your business, one that has a greater proportion of short-term fixed costs, the other that is more heavily weighted to variable...
-
Factor and simplify, if possible. Check your result using a graphing calculator. 3 cot 2 + 6 cot + 3
-
On numerous occasions, proposals have surfaced to put the federal government on the accrual basis of accounting. This is no small issue because if this basis were used, it would mean that billions in...
-
On numerous occasions, proposals have surfaced to put the federal government on the accrual basis of accounting. This is no small issue because if this basis were used, it would mean that billions in...
-
On numerous occasions, proposals have surfaced to put the federal government on the accrual basis of accounting. This is no small issue because if this basis were used, it would mean that billions in...
-
The controller, prepare a memo to the CEO of Home Depot giving a summary report of Home Depot's Statement of Financial Position for possible areas of concern and possible recommendations. Can you...
-
The Metropolitan Company sells its latest product at a unit price of $ 9 . Variable costs are estimated to be 5 0 % of the total revenue, while fixed costs amount to $ 6 , 3 0 0 per month. How many...
-
What are the advantages of continuous stock - takings over the normal annual stock - taking? What is a perpetual inventory? What are the most common methods of pricing stocks?
Study smarter with the SolutionInn App