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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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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- Louai sells 210300 units of inventory during her trading fear ended 31 December 2018. The selling price of each unit is £ 5.50 and she makes a gross profit of 20%. The selling and cost price structure has remained unchanged for several years. Louai purchases a total of 205000 units during the year and a stocktake on 31" December 2018 show that she has 26385 units in the warehouse. How many units of inventory in the warehouse on 1" January 2018. A. 10600 B. 26685 C. 42170 D. 30987Richard'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? A RM135,000 B RM70,000 C RM80,630 D RM54,000Jousif has not kept accounting records for his first year of trading.He has purchased $65,000 of goods during the year and has $5,000 of goods left in inventory at the end of the year. All sales are made at a mark-up on cost of 40%. What is Jousif's gross profit for his first year of trading?
- Boomerang Ltd. had 200 units in its inventory on 30 November valued at $800. In December, it made the purchases and sales shown in the table below. 2/12 Purchased 1,000 @ $5.00 each 5/12 Sold 700 @ $7.50 each 12/12 Purchased 800 @ $6.20 each 15/12 Purchased 300 @ $6.60 each 21/12 Sold 400 @ $8.00 each 28.12 sold 500 @ $8.20 each Using FIFO, which of the following is the inventory valuation? Select one: A. $4,620 B. $3,500 C. $4,340 D. $4,460Krater and maper Corp. reported sales for 2018 of $45 million. Tater and Pepper listed $7.4 million of inventory on its balance sheet. Enter question How many days did Tater nd Pepper's inventory stay on the premises? (Use 365 days a year) Day's sales inventory How many times per year did Tater and Pepper's inventory turn over? Inventory turnoverOriole Company had January 1 inventory of $291000 when it adopted dollar-value LIFO. During the year, purchases were $1830000 and sales were $2900000. December 31 inventory at year-end prices was $437760, and the price index was 114.What is Oriole Company’s gross profit? $1278000. $2502980. $1176020. $1216760.
- Concord Corporation had January 1 inventory of $305000 when it adopted dollar-value LIFO. During the year, purchases were $1820000 and sales were $2990000. December 31 inventory at year-end prices was $429000, and the price index was 110. What is Concord Corporation’s gross profit?Rater and Pepper Corp. reported sales for 2018 of $40 million. Tater and Pepper listed $7.4 million of inventory on its balance sheet. How many days did Rater and Pepper's inventory stay on the premises? (Use 365 days a year) Day's sales inventoryTraylor Corporation began the year with three items in beginning inventory, each costing $5. During the year Traylor purchased five more items at a cost of $6 each and then two more items at a cost of $7 each. Traylor sold eight items for $10 each. If Traylor uses a periodic LIFO system, what would be Traylor’s gross profit for this year? 45 $45 $80 $80 $51 $51 $36
- Tater and Pepper Corp. reported COGS for 2021 of $27 million. Tater and Pepper listed $6.0 million of inventory on its balance sheet. How many days did Tater and Pepper’s inventory stay on the premises? (Use 365 days a year. Round your answer to 2 decimal places.) How many times per year did Tater and Pepper’s inventory turn over? (Round your answer to 2 decimal places.)Big Basket has an opening inventory of Rs. 30 million. It shows closing inventory at the end of the year as Rs. 50 million. Which one of the following statements hold true? A) Cost of sales for the year is Rs. 600 million and profit for the year is Rs. 20 million b) Cost of sales for the year is Rs. 600 million and profit for the year is Rs. 80 million c) Cost of sales for the year is Rs. 600 million and purchases for the year is Rs. 580 million d) Cost of Sales for the year is Rs. 600 million and purchases during the year is Rs. 620 millionMercado Ltd started its business with £21,000 in cash on 1 Jan 20X1, and immediately purchased 400 items of inventory at the price of £50 per item and put the remaining £1,000 in a bank account without any fees or interests. On 1 July 20X1, it sold all items at the price of £80 per item and received the payment in cash. The general price index during the year was as follows: 01-Jan 01-Jul 31-Dec General price index 100 120 150 What is the cash balance at the year end 31 Dec 20X1 under current purchasing power accounting? a. £33,000 b. £41,500 c. £40,000 d. £32,000 e. £1,000