Closing inventory should be valued at the lower of cost and net realisable value. Costs includes all costs in purchasing inventory and bring it to its present location and condition. Costs include which of the following elements?
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Closing inventory should be valued at the lower of cost and net realisable value. Costs includes all costs in purchasing inventory and bring it to its present location and condition. Costs include which of the following elements?
a) Purchase price + import duties + storage costs + carriage in
b) Purchase price + import duties + carriage in +manufacturing costs c) Purchase price + storage costs + selling costs
d) Abnormal costs + import duties + purchase price + carriage in
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Eric Song has set up as a sole trader and introduced his savings worth £8,000 to his business, Song Sounds. What is the double entry to record the transaction?
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a) Dr Capital Cr Cash
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b) Dr Bank Cr Creditors
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c) Dr Bank Cr Capital
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d) Dr Capital. Cr Creditors
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