Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Pls answer the questions with your detailed explanations, it's much appreciated! 5.8 is about Sales tax, 6.1, 6.2 are about Inventory 8 Sales (including sales
Pls answer the questions with your detailed explanations, it's much appreciated!
5.8 is about Sales tax, 6.1, 6.2 are about Inventory
8 Sales (including sales tax) amounted to $27,612.50, and purchases (excluding sales tax) amounted to $18,000. What is the balance on the sales tax account, assuming all items are subject to sales tax at 17.5% ? $962.50 DEBIT $962.50 CREDIT $1,682.10 CREDIT $1,682.10 CREDIT (2 marks) The inventory value for the financial statements of Global Co for the year ended 30 June 203 was based on an inventory count on 7 July 203, which gave a total inventory value of $950,000. Between 30 June and 7 July 203, the following transactions took place. Purchase of goods 11,750 Sale of goods (mark up on cost at 15\%) 14,950 Goods returned by Global Co to supplier 1,500 What figure should be included in the financial statements for inventories at 30 June 203? 6.2 Which of the following costs may be included when arriving at the cost of finished goods inventory for inclusion in the financial statements of a manufacturing company? (1) Carriage inwards (2) Carriage outwards (3) Depreciation of factory plant (4) Finished goods storage costs (5) Factory supervisors' wages 1 and 5 only 2, 4 and 5 only 1, 3 and 5 only 1, 2, 3 and 4 only (2 marks)Step by Step Solution
There are 3 Steps involved in it
Step: 1
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