During September, Khan had sales of 148,000, which made a gross profit of 40,000. Purchases amounted to 100,000 and opening inventory was 34,000. The value of closing inventory was?

Related MCQs

• The inventory method that will always produce the same amount for cost of goods sold in a periodic inventory system as in a perpetual inventory system would be?
• Regardless of how long it takes to produce and sell inventory, inventory is always considered to be a?
• Which type of inventory system is updated inventory system?
• Which type of inventory system requires updating the inventory balance at the end of the accounting period?
• The average inventory costing method which results in a changed unit inventory cost after each successive purchase?
• Net Purchases equal the invoice amount and?
• Which of the following method is suitable for calculating the cost of inventory when actual costs of individual units of merchandise can be determined from the accounting records?
• Which one of the following methods for inventory valuation may be misleading when the units are identical?
• Assume that a company produces two products in a manufacturing plant. One is a low volume specialty product that is produced on a demand pull basis, while the other is a high volume product that is produced on a push basis for inventory. A production volume based cost allocation system would tend to
• In LIFO method of inventory valuation?