Aluki fixes prices to make a standard gross profit percentage on sales of 20%.
The following information for the year ended 31 January 20X3 is available to compute her sales total for
the year.
?????????????????????????????????????????????????????? $
Inventory： 1 February 20X2??? ?243,000
31 January 20X3?????????????????????? ?261,700
Purchases????????????????????????????????? 595,400
Purchases returns????????????????????? ?41,200
What is the sales figure for the year ended 31 January 20X3?
?$669,375??????????????????????????????????????? ????????????????????????????????????????????????????????????????????????????????????? ???$?
?Cost of sales????????????????????????????????????????????????????????????????????????????????????????????????????????????????????243,000?
?Opening inventory????????????????????????????????????????????????????????????????????????????????????????????????????????? ??595,400?
?Purchases? Less???????????????????????????????????????????????????????????? ????????????????????????????????????????????? ?? (41,200)?
?purchases returns??????????????????????????????????????????????????????????????????????????????????????????? ??????????????? 797,200
??Less: closing inventory??????????????????????????????????????????????????????????????????????????????????????????????? ?? (261,700)?
??????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????? 535,500 :
Sales = 535,500 x 100/80 =?= $669,375??
多做幾道
Which accounting concept should be considered if the owner of a business takes goods from inventory for his own personal
use?
Which accounting concept should be considered if the owner of a business takes goods from inventory for his own personal
use?
According to the IASB's Conceptual Framework for Financial Reporting, which TWO of the following are part of faithful
representation?1 It is neutral2 It is relevant3 It is presented fairly4 It is free from material error
Which of the following accounting concepts means that similar items should receive a similar accounting treatment?
Listed below are some characteristics of financial information.1 Relevance2 Consistency3 Faithful representation4 Accuracy
Which of these are qualitative characteristics of financial information according to the IASB's Conceptual Framework for
Financial Reporting?
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