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A ) Homework Ltd . has the following information on its inventories. Calculate the missing figures on 3 1 st January with FIFO method Inventory
A Homework Ltd has the following information on its inventories.
Calculate the missing figures on st January with FIFO method
Inventory balance on December X:
B
The balances of selected accounts of Homework limited liability company, as at December is listed below:
The closing inventory contains items held for resale which are outdated so they can be sold only for of their cost price. The expected selling
B
The balances of selected accounts of Homework limited liability company, as at December is listed below:
The closing inventory contains items held for resale which are outdated so they can be sold only for of their cost price. The expected selling
cost is of the selling price.
Calculate the following:
Net realizable value of outdated items:
$
Amount of total closing inventory after NRV calculation:
$
Amount of COGS:
$
Gross profit on st December, X
$
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