COMMERCE 1BA3 Study Guide - Financial Statement, Income Statement, Perpetual Inventory
14 Jul 2014
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Its financial statements for the years 2014 and 2013 contained errors as follows: Safaricom co. is a retailer that buys calling cards from its supplier and sells them to clients. Safaricom started the year with 50 units worth . Summarized below is the activity for the company for the month of january. Calculate the cost of goods sold (cogs) and ending inventory (ei) for safaricom under the. Periodic and perpetual inventory systems using the following cost flow assumptions: first in. Mamba inc. started business on jan 1, 2014. The company specializes in providing merchandize to its only customer, much more inc. Prepare the appropriate journal entries in the books of mamba inc. for the following transactions for the month of january using the perpetual method. Also, show the gross profit and net income. Jan 5: sold goods which cost 18,000 for ,000 to much more at terms 2/10, n/30.
