4. During his trading year to 31 December 20X3 Solomon sells 19 000 units of inventory at £29.75 each. His gross profit on each unit is £7.50. He purchased inventory during the year at a total cost of £435 655. At 31 December 20X3 his stocktaking shows that he has 2560 units still in inventory. What was the value of Solomon's opening inventory on 1 January 20X3? a) £58 905 b) £44 055 c) £76 160 d) £85 540

4. During his trading year to 31 December 20X3 Solomon sells 19 000 units of inventory at £29.75 each. His gross profit on each unit is £7.50. He purchased inventory during the year at a total cost of £435 655. At 31 December 20X3 his stocktaking shows that he has 2560 units still in inventory. What was the value of Solomon's opening inventory on 1 January 20X3? a) £58 905 b) £44 055 c) £76 160 d) £85 540

Name: 4. During his trading year to 31 December 20X3 Solomon sells 19 000 u
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Description: 4. During his trading year to 31 December 20X3 Solomon sells 19 000 units of inventory at£29.75 each. His gross profit on each unit is £7.50. He purchased inventory during theyear at a total cost of £435 655. At 31 December 20X3 his stocktaking show

Individual Income Taxes

43rd Edition

ISBN:9780357109731

Author:Hoffman

Publisher:Hoffman

Chapter18: Accounting Periods And Methods

Section: Chapter Questions

Problem 67P

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During his trading year to 31 December 20X3 Solomon sells 19 000 units of inventory at £29.75 each. His gross profit on each unit is £7.50. He purchased inventory during the year at a total cost of £435 655. At 31 December 20X3 his stocktaking shows that he has 2560 units still in inventory. What was the value of Solomon’s opening inventory on 1 January 20X3? £58 905 £44 055 £76 160 £85 540
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