A-LevelAccountingPreparation of financial statements9706/12 · Oct/Nov 2009 · Q101 Mark
The financial year of a manufacturer ends on 31 December. Finished goods are valued at factory cost plus 20%. The following information is available. 1 January $ 31 December $ stock of finished goods at cost plus 20% 2400 3000 How much should be deducted from the stock of finished goods in the balance sheet at 31 December for unrealised profit?
A$100
B$400
C$500
D$600
✓ Correct answer
C: $500
Practise more questions on this topic
Oracle Prep sorts past-paper questions by topic, so you can drill Preparation of financial statements and see which topics are most likely to come up next.
Sign up free →