Suppose that the following transactions occur within the period: 

(a) The owner contributes inventory at an amount of 10.000 TL to the company. 

(b) The company sells 5.000 TL of its inventories for cash at a price of 6.000 TL. It employs perpetual inventory system. 

(c) The company purchases 3.500 TL of inventories on account. 

(d) The company returns 1.600 TL of the inventories to the supplier due to damage and the supplier reduces the company's due balance. 

(e) The company sells half of the inventories in its warehouse at a price of 4.000 TL on account. Assuming that these are the only information we have, which one of the following gives the correct figures for the ending inventory balance and net profit/(loss), respectively? a)1.700 TL, 3.300 TL

b)3.450 TL, 2.050 TL

c)4.250 TL, 1.550 TL

d)3.450 TL, 1.550 TL

Answer rating: 100% (QA)

Q1 Option d 3450 TL 1550 is correct answer Please ref... View the full answer