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Bringer Minn Ltd is a small importing company 1 November , it had an opening balance of 50 units of commodity X valued at GHS900
Bringer Minn Ltd is a small importing company 1 November , it had an opening balance of 50 units of commodity X valued at GHS900 . On 12 November , it purchased in bulk a further 250 units of commodity X for a gross price of GHS5,000 . It received a bulk purchase discount of 5 per cent and a further discount of 3 per cent on the gross price for making an early cash payment On 29 November , it sold 200 units of commodity for a sales value of GHS6,600 . Using the FIFO method of valuation , the gross profit in the company's trading account for November for the sale of commodity X was : A. GHS2.700 B. GHS2.790 GHS2,850 D. GHS2.940
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