Osbourne Ltd starts business and buys 8 units of Product X at 5 each and then buys

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Osbourne Ltd starts business and buys 8 units of Product X at £5 each and then buys 12 more units of Product X for £6 each. During the year, Osbourne Ltd sells 15 units of Product X for £13 each.

Assuming inventory is valued using the FIFO method, what is the gross profit of Osbourne Ltd for the year?

(a) £105

(b) £113

(c) £83

(d) £108

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Financial Accounting

ISBN: 9781444170412

1st Edition

Authors: Bev Vickerstaff, Parminder Johal

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Question Posted: Jun 25, 2024 04:01 AM

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Osbourne Ltd starts business and buys 8 units of Product X at 5 each and then buys

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Financial Accounting

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