Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
Crystal Arts
a) Opening stock is the price of a firm's stocks at the beginning of a trading period. The value is equal to that of the closing stock in the previous trading period. Clear definition is required for maximum marks.
b) Profit and Loss Account for Crystal Arts (this month)
LIFO ($)
FIFO ($)
Sales
15,000
Opening stock
5,000
10 @ $500 = $5,000
Plus Purchases
6,000
10 @ $600 = $6,000
Less Closing stock
2,500*
3,000#
* LIFO: 5 @ $500 = $2,500
COGS
8,500
8,000
# FIFO: 5 @ $600 = $3,000
Gross profit
6,500
7,000
Less Operating expenses
1,000
Operating profit before tax
5,500
Tax
1,650
1,800
@ 30% tax
Net profit after tax
3,850
4,200
Note that an extra 9.09% tax is paid if Crystal Arts uses the FIFO method of stock control. Given that chandeliers and the lower tax liabilities are non-perishable stocks; the firm may well prefer to use the LIFO method.
QUESTION Meetings and committees have unfortunately acquired notoriety, being widely regarded as ineffective and wasteful of precious time (i) Give your views on the above
What are the types of participation worker? Types of Worker’s Participation are as follows: Worker’s participation into management may take several forms, for example:
QUESTION (a) Reference Librarians have grouped sources of information in three (3) categories. Can you identify these three (3) groups? (b) How can you distinguish between t
Worthiness of your study?
QUESTION Nathan is the floor Manager at Bell Enterprise. Lately he has been concerned with staffs not respecting the lunch hours. He has warned them but with no avail. He then
Porter Five Forces of Professional Service Industry The analysis of industry can be done through porter five force models to analyze competitive position. In this industry, i
Switchover to Product Oriented Layout from Process Oriented Layout Advantages offered by Switchover to Product Oriented Layout from Process Oriented Layout: As bein
#stock exchange in india#
Total Marks – 15 ( 1-2 pages answers) Large department stores are several storeys high and carry a wide range of products. In many of the departments, there are significant quanti
Hazards and Risks at BMW
Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!
whatsapp: +91-977-207-8620
Phone: +91-977-207-8620
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd