General Merchandising Co. Selling price is P2,750, Selling expenses is P500 and the Cost to sell s P650. The cost of sales is P.1750 and replacement cost P1,500, 47. What is Lower of Cost or Net Realizable Value (NRV)? LCNRV AP1,500. B. P 1.600. C.P 1,750. D. P 2,750 OD O B OC O A

General Merchandising Co. Selling price is P2,750, Selling expenses is P500 and the Cost to sell s P650. The cost of sales is P.1750 and replacement cost P1,500, 47. What is Lower of Cost or Net Realizable Value (NRV)? LCNRV AP1,500. B. P 1.600. C.P 1,750. D. P 2,750 OD O B OC O A

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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Question

General Merchandising Co. Selling price is P2,750, Selling expenses is P500 and the Cost to sell is P650. The
cost of sales is P.1750 and replacement cost P1,500,
47. What is Lower of Cost or Net Realizable Value (NRV)? LCNRV
AP1,500.
B. P 1.600.
C.P 1,750.
D. P 2,750
OD
O B
OC
O A

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D Traders purchased a product for R1 450 (excluding VAT). It was resold for R2 100 (excluding VAT) Calculate the mark-up on cost for this product.
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