(a) Explain the term holding gain in relation to inventories. (b) On the first day of an...
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(a) Explain the term "holding gain" in relation to inventories.
(b) On the first day of an accounting period, a company acquired inventories at a cost of £60,000. Two-thirds of these inventories were sold for £55,000 on the final day of the accounting period. The specific price index applicable to these inventories rose by 8% during the period.
Calculate the gross profit for the period (in nominal financial terms) and state the amount of this profit which comprises a holding gain.
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a Holding gain is a term used to describe the incr...View the full answer
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