An auditor for the Inland Revenue is trying to reconstruct some partially destroyed records of two taxpayers.
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Case 1 6 000 3 000 Case 2 £2 100 20 000 1 700 1 500 5 300 Debtors, 31 December 2015 Cost of goods sold Creditors, 1 January 2015 Creditors, 31 December 2015 Finished goods stocks, 31 December 2015 Gross margin Work in progress, 1 January 2015 Work in progress, 31 December 2015 Finished goods stocks, 1 January 2015 Direct material used Direct manufacturing labour Indirect manufacturing costs Purchases of direct material Revenues Debtors, 1 January 2015 1 800 11 300 2 0 3 000 4 000 12 000 5 000 4 000 8 000 3 000 7 000 9 000 32 000 2 000 7 000 31 800 1 400
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Step 1 Use gross margin formula Case 1 Case 2 Revenues 32000G 31800G Cost of goods sold A 2...View the full answer
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Related Book For
Management and Cost Accounting
ISBN: 978-1292063461
6th edition
Authors: Alnoor Bhimani, Charles T. Horngren, Srikant M. Datar, Madhav V. Rajan
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