The following transactions relate to Osei Enterprises for...
Use the following information to answer the question
The following transactions relate to Osei Enterprises for the year ended 31st December 2020.
| D | |
|
Purchases |
160,000 |
| Returns outwards | 880 |
| Carriage inwards | 740 |
| Returns inwards | 620 |
| Sales | 195,000 |
| Salaries | 27,600 |
| Closing stock | 14,100 |
The cost of goods available for sale is
D 175,860
D 175,380
D 175,120
D 175,460
Correct answer is D
To calculate the cost of goods available for sale, we need to add the purchases, returns inwards, and carriage inwards to the opening stock.
The given information states:
Purchases: D160,000
Returns inwards: D620
Carriage inwards: D740
Opening stock: D14,100
To calculate the cost of goods available for sale, we add these amounts:
D160,000 + D620 + D740 + D14,100 = D175,460
Therefore, the cost of goods available for sale is D175,460.
A total of D 9,160 was entered in the sales account as D9,610. To correct this error: debit ...
\(\begin{array}{c|c} & N \\ \hline \text{Sales} & 14,600 \\ \text{Purchases} & 5,500 \\ ...
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