BPL India is a bulk distributor of high octane petrol. A periodic Inventory of petrol on hand is taken when the books are closed at the end of each month; the following summary 0f information is avai1able for the month of June 2012
Sales
9,45,000
General Administrative Cost
25,000
Opening stock
1,00,000 litres @ `3 per litre
3,00,000
Purchase (including freight inwards)
June 1
2,00,000 litres @ `2.85 per litre
June 30
1,00,000 litres @ `3.03 per litre
Closing stock June 30
1,30,000 litres
Compute the following data by the FIFO, Weighted Average and LIFO method of inventory costing:
(i) Value of inventory on June 30.
(ii) Amount of the cost of goods sold for the month of June.
(iii) Which method of valuation should be adopted.
Answers
Answer:
Justin Bieber printed 12000 copies of his poster for $60000. He distributed 16.66% of the posters freely as specimen copy and sold 40% of the remaining posters at 20% discount. He sold the rest at 10% discount on $10 per copy. What is the overall gain or loss in the first’s issue of the poster, if the poster could not realize the income from advertisement or other sources?
Answer choices
Justin Bieber printed 12000 copies of his poster for $60000. He distributed 16.66% of the posters freely as specimen copy and sold 40% of the remaining posters at 20% discount. He sold the rest at 10% discount on $10 per copy. What is the overall gain or loss in the first’s issue of the poster, if the poster could not realize the income from advertisement or other sources?
Answer choices
Select only one option
27% loss
16.66% loss
54% profit
60% profit
Select only one option
27% loss
16.66% loss
54% profit
60% profit
Explanation:
Justin Bieber printed 12000 copies of his poster for $60000. He distributed 16.66% of the posters freely as specimen copy and sold 40% of the remaining posters at 20% discount. He sold the rest at 10% discount on $10 per copy. What is the overall gain or loss in the first’s issue of the poster, if the poster could not realize the income from advertisement or other sources?
Answer choices
Select only one optionJustin Bieber printed 12000 copies of his poster for $60000. He distributed 16.66% of the posters freely as specimen copy and sold 40% of the remaining posters at 20% discount. He sold the rest at 10% discount on $10 per copy. What is the overall gain or loss in the first’s issue of the poster, if the poster could not realize the income from advertisement or other sources?
Answer choices
Select only one option
27% loss
16.66% loss
54% profitJustin Bieber printed 12000 copies of his poster for $60000. He distributed 16.66% of the posters freely as specimen copy and sold 40% of the remaining posters at 20% discount. He sold the rest at 10% discount on $10 per copy. What is the overall gain or loss in the first’s issue of the poster, if the poster could not realize the income from advertisement or other sources?
Answer choices
Select only one option
27% loss
16.66% loss
Justin Bieber printed 12000 copies of his poster for $60000. He distributed 16.66% of the posters freely as specimen copy and sold 40% of the remaining posters at 20% discount. He sold the rest at 10% discount on $10 per copy. What is the overall gain or loss in the first’s issue of the poster, if the poster could not realize the income from advertisement or other sources?
Answer choices
Select only one option
27% loss
16.66% loss
54% profit
60% profit
54% profit
60% profit
60% profit
27% loss
16.66% loss
54% profit
60% profit