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Q78 : You are given the following information:
Receivables at 1 January 20X3 10,000
Receivables at 31 December 20X3=9000
Total receipts during 20X3 (including cash sales of $5000 = &85000
Based upon the available information, what was the sales revenue figure for 20X3?Q#97 : Ajay’s Annual inventory count took place on 7 July 20X6 . The inventory value on this date was 38950 . During the period from 30 June 20X6 to 7 July 20X6 , the following took place :
Sales $ 6500
Purchases $4250
The markup on cost is 25%.
What is Ajays inventory valuation at 30june 20X6 ?And during the paper do we have to roundoff decimals ? In lifo and AVCo also when we calculate per unit cost do we have to roundoff decimals ?
And in answers written in the book mention profit $… or Loss$… should we also write profit or loss in our box questions?Q78. The total cash received was $85,000. $1,000 of it reduced the receivables, so the revenue this year was $84,000.
Q97. You know the inventory on 7 July, but we want to know what it was on 30 June. So we need to work backwards and remove the transactions that took place between those dates. Therefore the figure on 30 June is 38,950 – 4250 + (6500 x 100/125) = 39,900
As far as rounding etc is concerned, it will be made clear in the questions.
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