A-LevelAccountingPreparation of financial statements9706/12 · Feb/Mar 2017 · Q111 Mark

The table shows transactions relating to a product during July. There was no opening inventory. Purchased: 50 units at $4 per unit. Sold: 30 units at $10 per unit. Of the remaining units, 8 are damaged and therefore have no value. What is the profit for July?

A$68

B$100

C$148

D$180

✓ Correct answer

C: $148

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Topic: Preparation of financial statements, A-Level Accounting (syllabus 9706). Multiple choice, 1 mark.
Source: A-Level Accounting, Feb/Mar 2017 Paper 1 Variant 2, question 11.

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