All the sales made by a retailer are for cash, and her sale prices are fxed by doubling cost. Details recorded of her transactions forSeptember 2015 are as follows:32)1 Sept.30 Sept.Inventories40,000Purchases for month60,00095,00050,000Cash banked for sales for monthInventoriesWhich two of the following conclusions could separately be drawn from this information? 1. $5,000 cash has been stolen from thesales revenue prior to banking 2. Goods costing $5,000 have been stolen 3. Goods costing $2,500 have been stolen 4. Somegoods costing $2,500 had been sold at cost priceА.2 and 4В.1 and 3С.1 and 2D.3 and 4

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Description: All the sales made by a retailer are for cash, and her sale prices are fxed by doubling cost. Details recorded of her transactions forSeptember 2015 are as follows:32)1 Sept.30 Sept.Inventories40,000Purchases for month60,00095,00050,000Cash banked f

There can be any reason . But here option b is correct

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All the sales made by a retailer are for cash, and her sale prices are fued by doubling cost Details recorded of her transactions fo September 2015 are as follows: 32) 1 Sept. 30 Sept. Inventories 40,000 Purchases for month 60,000 Cash banked for sales for month 95,000 Inventories 50,000 Which two of the following conclusions could separately be drawn from this information? 1. $5,000 cash has been stolen from the sales revenue prior to banking 2. Goods costing $5,000 have been stolen 3 Goods costing $2,500 have been stolen 4. Some goods costing $2,500 had been sold at cost price A. 2 and 4 B. 1 and 3

All the sales made by a retailer are for cash, and her sale prices are fued by doubling cost Details recorded of her transactions fo September 2015 are as follows: 32) 1 Sept. 30 Sept. Inventories 40,000 Purchases for month 60,000 Cash banked for sales for month 95,000 Inventories 50,000 Which two of the following conclusions could separately be drawn from this information? 1. $5,000 cash has been stolen from the sales revenue prior to banking 2. Goods costing $5,000 have been stolen 3 Goods costing $2,500 have been stolen 4. Some goods costing $2,500 had been sold at cost price A. 2 and 4 B. 1 and 3

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Concept explainers

Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.

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All the sales made by a retailer are for cash, and her sale prices are fxed by doubling cost. Details recorded of her transactions for
September 2015 are as follows:
32)
1 Sept.
30 Sept.
Inventories
40,000
Purchases for month
60,000
95,000
50,000
Cash banked for sales for month
Inventories
Which two of the following conclusions could separately be drawn from this information? 1. $5,000 cash has been stolen from the
sales revenue prior to banking 2. Goods costing $5,000 have been stolen 3. Goods costing $2,500 have been stolen 4. Some
goods costing $2,500 had been sold at cost price
А.
2 and 4
В.
1 and 3
С.
1 and 2
D.
3 and 4

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