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Between 31 March and 7 April 20X9, the following transactions took place.
Purchase of goods
Sale of goods (mark up on cost at 15%)
Goods returned by Global Co to supplier
What figure should be included in the financial statements for inventories at 30 June 20X3?
Which of the following statements is true assuming that prices have fallen throughout the year?
1. Depreciation of factory plant
2. Factory supervisors' wages
3. Finished goods storage costs
4. Carriage inwards
5. Carriage outwards
During the year ended 30 April 2XY0 the following transactions took place:
1 July Purchased 500 engines at $210 each
1 November Sold 400 engines for $150,000
1 February Purchased 300 engines at $240 each
15 April Sold 250 engines for $125,000
What is the value of the company's closing inventory of engines at 30 April 2XY0?
No. of units
What will be the effect of this error if it remains uncorrected?
The mark up is 25% on cost.What is Arun’s inventory valuation at 30 June 20X9?
Which one of the following lists consists only of items which may be included in the cost of inventories, according to IAS 2?
(A) Inventory account
Statement of P/L
(B) Statement of P/L
(C) Inventory account
(D) Purchases account
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