Question
On 1st July 2005 T. Olomola a trader had his Beginning inventory valued at NGN1300 and his Ending inventory valued at NGN1700 on 30th June
On 1st July 2005 T. Olomola a trader had his Beginning inventory valued at NGN1300 and his Ending inventory valued at NGN1700 on 30th June 2006. During the year he turnover his stock four times and made on the whole a gross profit of 25% on turnover.
Required :
Calculate the following
a. Average inventory
b. Cost of goods sold
c. Turnover
d. Gross profit
Step by Step Solution
3.57 Rating (157 Votes )
There are 3 Steps involved in it
Step: 1
Solution a Average inventory Beginning inventory Ending inventory ...
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started
Auditing a risk based approach to conducting a quality audit
Authors: Karla Johnstone, Audrey Gramling, Larry Rittenberg
9th edition
9781133939160, 1133939155, 1133939163, 978-1133939153
