B) The balances of selected accounts of Homework limited liability company, as at 31 December 20X1 is listed below: Account Revenue Debit ($)Credit ($) 20 000 Discounts granted 5 000 Time left 0:57: The closing inventory contains 5 items held for resale which are outdated so they can be sold only for 80% of their cost price. The expected selling cost is 5% of the selling price. Calculate the following: Net realizable value of 5 outdated items: $ Amount of total closing inventory after NRV calculation: Amount of COGS: $ Gross profit on 31st December, 20X1? $ $

B) The balances of selected accounts of Homework limited liability company, as at 31 December 20X1 is listed below: Account Revenue Debit ($)Credit ($) 20 000 Discounts granted 5 000 Time left 0:57: The closing inventory contains 5 items held for resale which are outdated so they can be sold only for 80% of their cost price. The expected selling cost is 5% of the selling price. Calculate the following: Net realizable value of 5 outdated items: $ Amount of total closing inventory after NRV calculation: Amount of COGS: $ Gross profit on 31st December, 20X1? $ $

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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