Revenue 83 722 Purchases 65 277 Special charges for safety packaging 604 Sales returns 426 Purchases returns 291 Opening inventory at 1 July 2011 was 5799. Closing inventory at 30 June 2012 was 5904. Calculate the gross profit? Show your workings

Revenue 83 722 Purchases 65 277 Special charges for safety packaging 604 Sales returns 426 Purchases returns 291 Opening inventory at 1 July 2011 was 5799. Closing inventory at 30 June 2012 was 5904. Calculate the gross profit? Show your workings

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Description: Revenue 83 722Purchases 65 277Special charges for safety packaging 604Sales returns 426Purchases returns

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.

Topic Video

Question

Revenue 83 722

Purchases 65 277

Special charges for safety packaging 604

Sales returns 426

Purchases returns 291

Opening inventory at 1 July 2011 was 5799. Closing inventory at 30 June 2012 was 5904. Calculate the gross profit? Show your workings

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