Question
Marley Limited has the following items in its statement of profit or loss and other comprehensive income: RevenueFC40 000 Cost of goods soldFC15 000 Other
Marley Limited has the following items in its statement of profit or loss and other comprehensive income:
RevenueFC40 000
Cost of goods soldFC15 000
Other expensesFC10 000
Income tax expenseFC5 000
All items were earned or incurred evenly across the year. The functional currency is determined to be the Australian dollar and the following exchange rates applied:
Balance dateFC1=$0.75Average rate for yearFC1=$0.80
The net profit after tax translated into the functional currency is:
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Fundamentals of Cost Accounting
Authors: William Lanen, Shannon Anderson, Michael Maher
3rd Edition
9780078025525, 9780077517359, 77517350, 978-0077398194
