FREE Trial
Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Richard's sales in the year ended 31st December 2019 were RM390,000. The sales produced a gross profit ratio of 30%. If Richard reports his inventory

Richard's sales in the year ended 31st December 2019 were RM390,000. The sales produced a gross profit ratio of 30%. If Richard reports his inventory days as 90, and the cost of closing inventory as RM54,000, what would have been the cost of his opening inventory

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Managerial Accounting Tools for business decision making

Managerial Accounting Tools for business decision making

Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso

6th Edition

978-0470477144, 1118096894, 9781118214657, 470477148, 111821465X, 978-1118096895

More Books

Students also viewed these Accounting questions

Question

★★★★★
Prichards sales in the year ended 31 December 2011 were 390,000. The sales produced a gross profit ratio of 30%. (a) If the cost of inventory on 31 December 2010 was 78,000 and that of 31 December...

Answered: 1 week ago

Question

★★★★★
Questions 1.The following Trial balance was prepared from the books of Paka Traders as at 31st December 1995. Trial balance December 31st 1995 Dr. Cr. Kshs Kshs Sales 900,000 Purchases 600,000 Dr...

Answered: 1 week ago

Question

★★★★★
Case Scenario1 - Hien Hien is in business selling high quality glassware to retailers. Her accountant prepares a statement of financial position each year following Hiens year end of 31 December. It...

Answered: 1 week ago

Question

★★★★★
What freedom does an international organisation have in regard to imposing its own approaches to HRM on its operations throughout the world? How can an international organisation, aware of the need...

Answered: 1 week ago

Question

★★★★★
At the end of 2009, you forecast that a firm's free cash flow for 2010 will be $430 million. If you forecast that free cash flow will grow at 5% per year there after, what is the enterprise value?...

Answered: 1 week ago

Question

★★★★★
Select the best response: The area under a pmf or pdf curve to the left of a point corresponds to its ___________. (a) event (b) probability (c) cumulative probability

Answered: 1 week ago

Question

★★★★★
6.33 Sunday Shopping When Nova Scotia lifted its Sunday shopping ban, retail stores of all kinds could finally open on Sundays and other holidays, the only exception being Remembrance Day. Nova...

Answered: 1 week ago

Question

★★★★★
Coakwell Company worked on only two jobs during May. Information on the jobs is given below: At the beginning of the year, annual manufacturing overhead (MOH) was budgeted at $3,780,000 and Coakwell...

Answered: 1 week ago

Question

★★★★★
please answer the question quiqly Use the following information to answer the questions below; Sanad Inc. is considering replacing an existing piece of equipment with a more sophisticated machine....

Answered: 1 week ago

Question

★★★★★
Busy Sally Socialite has trouble remembering people's birthdays, so she has organised her friends into what she calls a Birthday Support Team, or BST. Each friend needs only to keep track of three...

Answered: 1 week ago

Question

★★★★★
Below are incomplete financial statements for Benson, Incorporated. Required: Calculate the missing amounts. \ table [ [ BENSON , INCORPORATED ] , [ Income Statement ] , [ Year ended December 3 1 , 2...

Answered: 1 week ago

Question

★★★★★
In 1817, who attempted to sort elements with similar properties in a logical order into groups? [A] Emmy Noether [B] Henry Moseley [C] Dobereiner [D] Mendeleev

Answered: 1 week ago

Question

★★★★★
Sodium bicarbonate decomposes above 70 C, making it usable in bakery products. What end product of this thermal decomposition process contributes to its use in baking? [A] Hydrogen [B] Carbon Dioxide...

Answered: 1 week ago

Question

★★★★★
3. Which among the following is popularly called Hypo? [A] Silver bromide [B] Silver nitrate [C] Sodium thiosulphate [D] Sodium phosphate

Answered: 1 week ago

Question

★★★★★
1. Daltons name is associated with which of the following terms? [A] Electron [B] Proton [C] Atom [D] Neutron

Answered: 1 week ago

Question

★★★★★
Define Administration?

Answered: 1 week ago

Question

★★★★★
Swifty Company purchased a delivery truck for $26,000 on January 1,2022 . The truck has an expected salvage value of $1,000, and is expected to be driven 100,000 miles over its estimated useful life...

Answered: 1 week ago

Question

★★★★★
Conduct a VRIO analysis by ranking Husson University (in Maine) business school in terms of the following six dimensions relative to the top three rival schools. If you were the dean with a limited...

Answered: 1 week ago

Question

★★★★★
4. Samples of size 5 are taken at regular intervals from a production process, and the values of the sample averages and sample standard deviations are calculated. Suppose that the sum of the X and S...

Answered: 1 week ago

Question

★★★★★
3. If Y has a chi-square distribution with n 1 degrees of freedom, show that Now make the transformation x = y/2. ) EY]=2 (n/2) T[(n - 1)/2] (Hint: Write E[] = (3) dy 0 00 = 0 y- e-y/2y(n-1)/2-1 dy...

Answered: 1 week ago

Question

★★★★★
1. Assume that items produced are supposed to be normally distributed with mean 35 and standard deviation 3. To monitor this process, subgroups of size 5 are sampled. If the following represents the...

Answered: 1 week ago

Previous Question Next Question