6 . Read the following information and answer questions that follow. ( 7 marks ) Tamapo s...
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Question:
Read the following information and answer questions that follow. marks
Tamapos Trading account for the year ended December
Sales
Opening Stock
Add Purchases
Less Closing Stock
Cost of Goods Sold
Gross Profit
Required
To calculate the following ratios:
i Margin marks
ii Mark up marks
iii Rate of stock turnover marks
iv Gross profit as a percentage of sales mark
The following are the balance, receipts and issues of stocks for Tamapos
inventory for the month of January
January opening balance of units at P per unit
January receipts of units at P per unit
January issues of units
Required:
Calculate the closing stock using the AVCO method of inventory valuation. marks
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date: