A firm has the following transactions with its product R for the year to December 31,2021

1 January 2021 Opening inventory valuation: Nil

1 February 2021 Buys 15 units at $3000 per unit

11 February 2021 Buys 12 units at $2500 per unit

1 April 2021 Sells 10 units at $4000 per unit

1 August 2021 Buys 6 units at a total cost of $30000

1 December 2021 Sells 12 units and received total revenue of $100000

31December 2021 closing inventory valuation: $27000

Other information for the year:

Cost of transporting inventory purchased from supplier $ 3200

Depreciation expense for the year on non-current assets $ 4200

General administrative expenses $33100

Investment income from securities $ 9000

Selling and distribution expenses $6700

Finance cost/Interest expense $2200

Non- current assets cost at end of period $60000

4.4% loan $50000

Calculate the total income received by the entity during the financial year ended 31 December 2021

$....................

Answer rating: 100% (QA)

Calculate the total income received by the entity during the financial year ended 31 December 2021 Revenue from sales This is the total amount of mone... View the full answer