The balances of selected accounts of a limited liability company, as at 31 December 2001 is...
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The balances of selected accounts of a limited liability company, as at 31 December 2001 is listed below: Debit (5) Credit (5) 40 000 4 000 Account Revenue Discounts received Sales commission (selling cost) Purchases 10 000 72 000 Opening inventory (01.01.20X1) 20 000 Closing inventory on cost is 72 000 on 31st December, 20X1. Closing inventory contains 1000 items held for resale which are outdated so it can be sold only for 80 % of their cost price. Cost price of these items was 405/item. Company has to pay $5 sales commission on each item sold. Calculate the following: Amount of closing inventory: Amount of COGS: Gross profit on 31st December, 20X1? $ The balances of selected accounts of a limited liability company, as at 31 December 2001 is listed below: Debit (5) Credit (5) 40 000 4 000 Account Revenue Discounts received Sales commission (selling cost) Purchases 10 000 72 000 Opening inventory (01.01.20X1) 20 000 Closing inventory on cost is 72 000 on 31st December, 20X1. Closing inventory contains 1000 items held for resale which are outdated so it can be sold only for 80 % of their cost price. Cost price of these items was 405/item. Company has to pay $5 sales commission on each item sold. Calculate the following: Amount of closing inventory: Amount of COGS: Gross profit on 31st December, 20X1? $
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Related Book For
College Accounting Chapters 1-30
ISBN: 978-0077862398
14th edition
Authors: John Price, M. David Haddock, Michael Farina
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