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A firm has the following transactions with its product R for the year to December 3 1 , 2 0 2 1 1 January 2
A firm has the following transactions with its product R for the year to December
January Opening inventory valuation: Nil
February Buys units at $ per unit
February Buys units at $ per unit
April Sells units at $ per unit
August Buys units at a total cost of $
December Sells units and received total revenue of $
December closing inventory valuation: $
Other information for the year:
Cost of transporting inventory purchased from supplier $
Depreciation expense for the year on noncurrent assets $
General administrative expenses $
Investment income from securities $
Selling and distribution expenses $
Finance costInterest expense $
Non current assets cost at end of period $
loan $
Calculate the total income received by the entity during the financial year ended December
$
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