G Co makes the following purchases and sales
举一反三
- 中国大学MOOC: G Co makes the following purchases and sales. 1 January Purchases 4,000 units for $10,000 31 January Purchases 1,000 units for $2,000 15 February Sales 3,000 units for $13,000 28 February Purchases 1,500 units for $3,750 14 March Sales 500 units for $1,200 At 31 March which of the following closing inventory valuations using LIFO is correct?
- Which of the following is the correct formula for cost of sales? A: Opening inventory – purchases + closing inventory B: Purchases – closing inventory + sales C: Opening inventory + closing inventory – purchases D: Opening inventory – closing inventory + purchases
- Alfred is registered for sales tax. He makes sales of $25,000 including sales tax and purchases goods for $7,000 excluding sales tax. The opening balance on the sales tax account was $500 credit. Sales tax is 20%.What is the closing balance on the sales tax account? A: $3,600 B: $3,000 C: $2,267 D: $3,267
- Which of the following are Transaction types? A: Exports & imports B: Investment sales C: Purchases D: All of the above
- The man often makes purchases from the company.