XYZ technologies started a business on September 1st, 2021, buying and selling laptops these were purchased as follows DATE Quantity 5 September 200 INR 15000 each 16 December 80 INR 18500 each on jan 24th, XYZ sold 250 laptops for INR 5,000,000 Calculate a) Gross profit for the year ending 31st ma...

a Calculation of Gross Profit COGS 200 x 15000 80 x 18500 3000000 1480000 4480000 Total Sales 500000 ...

XYZ technologies started a business on September 1st, 2021, buying and selling laptops. these were purchased as

Fantastic news! We've Found the answer you've been seeking!

Question:

XYZ technologies started a business on September 1st, 2021, buying and selling laptops. these were purchased as follows :

DATE	Quantity
5 September	200 @ INR 15000 each
16 December	80 @ INR 18500 each

on jan 24th, XYZ sold 250 laptops for INR 5,000,000.

Calculate

a) Gross profit for the year ending 31st march 2022

b) total value of closing inventory as on 31st march 2022 using FIFO as well as weighted average cost.

Related Book For answer-question

Modern Advanced Accounting In Canada

ISBN: 9781259066481

7th Edition

Authors: Hilton Murray, Herauf Darrell

See More Books

Posted Date: May 31, 2023 12:25 AM

See More Questions

Managers are proactively improving the employees selection process with various strategies that will ideally enhance corporate success. Some of these strategies focus on improving the quality of...
Study the information given below and answer the following questions: (25 Marks) 1.1 Calculate the Payback Period of both machines (answers expressed in years, months and days). (5 marks) 1.2 Which...
A factory manufactures chairs and tables, each requiring the use of three operations: Cutting, Assembly, and Finishing. The first operation can be used at most 39 hours; the second at most 42 hours;...
Allison is paid $1,520 per week. What is the amount of federal income tax withheld from Allisons paycheck under the following conditions? Use the percentage method table in the Appendix to this...
Upper and lower surfaces of a bus bar are convectively cooled by air at T with hu h1. The sides are cooled by maintaining contact with heat sinks at To, through a thermal contact resistance of Rt,c...
Why might external auditors not be completely independent?
What pleadings the defendant may file in response to the complaint?
You are the president and founder of Gold Strike Inc., a mining company that acquires land and mines gold. The success of your company is largely dependent on finding large deposits of gold. To do...
4. [0/1 Points] DETAILS PREVIOUS ANSWERS SALGTRIG4 7.2.005. Use an Addition or Subtraction Formula to find the exact value of the expression, as demo cos(195) -6+2 4 Need Help? Read It Watch It 5....
Jed acquired 25% of the stock of Alpha (basis of $100,000) 12 years ago, and the other 75% was purchased by Zia (basis of $400,000) three years ago. Alpha enters into a tax-free consolidation with...
THE TASK: I. To evaluate (graphically and in words, no calculations necessary) the impact of the following policy option: imposing price controls on fuel (which consumers have little choice but to...
Conduct a search on the companies Enron Corporation, Arthur Andersen, Merrill Lynch and WorldCom and develop an analysis that includes what corporate fraud consisted of for each of them. He explains...
Define - then compare and contrast - line-item budgeting, performance budgeting, program budgeting, and zero-base budgeting (ZBB). Present examples of each type of budget using a spreadsheet. What...
What information is sent between the card/smartphone and the card reader when it is placed in front of it? What is the maximum amount you can pay for something using a contactless card, or...
Simplify 3x (2x-3x+4) (3x-4)(2x+3) 3x(2x) (2x-1)(3x-3x+4)
The typical distance between average - sized asteroids in the main asteroid belt is about a million km . . . Use the following values to calculate the force between two such asteroids: Mass of...
You have decided to throw a party next weekend for 19 friends. The friends are going to bring health food, so all you have to have available are the drinks. You estimate that, on average, each person...
Archangel Corporation prepared the following variance report. Instructions Fill in the appropriate amounts or letters for the question marks in the report. ARCHANGEL CORPORATION Variance...
Describe the difference in accounting under ASPE versus IFRSs for the elimination of unrealized profits in ending inventory on a downstream transaction between an investor and an associate.
With respect to the valuation of non-controlling interest, what are the major differences among proprietary, parent company, and entity theories?
On January 2, Year 1, Road Ltd. acquired 70% of the outstanding voting shares of Runner Ltd. The acquisition differential of $280,000 on that date was allocated in the following manner:...
McMillan Tire Inc. operates in several provinces. The head office incurred the following costs in acquiring land and a building, making land improvements, and constructing and furnishing a garage...
Moreau Lock \& Key Ltd. has a hefty investment in security equipment, as reported in the company's balance sheet at December 31, 2019: In early October 2020, Moreau Lock \& Key purchased additional...
Schmaltz Cable Company's balance sheet reports the following assets under Property, Plant, and Equipment: Land, Buildings, Office Furniture, Communication Equipment, and Televideo Equipment. The...

XYZ technologies started a business on September 1st, 2021, buying and selling laptops. these were purchased as

Question:

Expert Answer:

a Calculation of Gross Profit COGS 200 x 15000 80 x 18500 3000000 1480000 4480000 Total Sales 500000... View the full answer

Modern Advanced Accounting In Canada

Students also viewed these finance questions