Cost of Goods Sold – NBC Institute

FA – Nov 2012 – L1 – SB – Q32 – Financial Statements Preparation

Calculate turnover based on the cost of goods sold and profit margin.

Question

If the cost of goods sold is N315,060 and the profit margin is 25%, what is the turnover?

Answer

Find Related Questions by Tags, levels, etc.

Tags: Cost of Goods Sold, Profit margin, Revenue, Turnover
Level: Level 1

Topic: Financial Statements Preparation
Series: NOV 2012

FA – May 2021 – L1 – SB – Q6b – Accounting for Inventories in Accordance with IAS 2

Calculate the cost of plastic buckets sold during the period using the First-in-First-Out (FIFO) method.

Question

Jayek Limited is a manufacturer of plastic buckets. On 1 January 2018, Jayek Limited held 15,000 plastic buckets at ₦11,865,000. During the year ended 31 December 2018, Jayek Limited produced 120,000 plastic buckets, compared to a normal production level of 150,000 plastic buckets. 12,000 plastic buckets’ inventories were held at 31 December 2018.

Production costs for the year were as follows:

Description	Amount (₦)
Raw Materials	42,000
Direct Labour	2,000
Variable Overheads	14,040
Fixed Overheads	25,950

At the reporting date, the net realizable value of the plastic buckets was higher than the cost.

Required: Using the First-in-First-Out (FIFO) method within the context of IAS 2 (Inventories), calculate the cost of plastic buckets sold during the period.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Cost of Goods Sold, FIFO Method, IAS 2, Inventory Valuation
Level: Level 1

Series: MAY 2021

FA – Nov 2012 – L1 – SB – Q32 – Financial Statements Preparation

Calculate turnover based on the cost of goods sold and profit margin.

Question

If the cost of goods sold is N315,060 and the profit margin is 25%, what is the turnover?

Answer

Find Related Questions by Tags, levels, etc.

Tags: Cost of Goods Sold, Profit margin, Revenue, Turnover
Level: Level 1

Topic: Financial Statements Preparation
Series: NOV 2012

FA – May 2021 – L1 – SB – Q6b – Accounting for Inventories in Accordance with IAS 2

Calculate the cost of plastic buckets sold during the period using the First-in-First-Out (FIFO) method.

Question

Production costs for the year were as follows:

Description	Amount (₦)
Raw Materials	42,000
Direct Labour	2,000
Variable Overheads	14,040
Fixed Overheads	25,950

At the reporting date, the net realizable value of the plastic buckets was higher than the cost.

Required: Using the First-in-First-Out (FIFO) method within the context of IAS 2 (Inventories), calculate the cost of plastic buckets sold during the period.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Cost of Goods Sold, FIFO Method, IAS 2, Inventory Valuation
Level: Level 1

Series: MAY 2021

Question Tag: Cost of Goods Sold

Filter by Professional Bodies

Filter by Subject

Filter by Series

Filter by Topics

Filter by Levels

FA – Nov 2012 – L1 – SB – Q32 – Financial Statements Preparation

Calculate turnover based on the cost of goods sold and profit margin.

FA – May 2021 – L1 – SB – Q6b – Accounting for Inventories in Accordance with IAS 2

Calculate the cost of plastic buckets sold during the period using the First-in-First-Out (FIFO) method.

FA – Nov 2012 – L1 – SB – Q32 – Financial Statements Preparation

Calculate turnover based on the cost of goods sold and profit margin.

FA – May 2021 – L1 – SB – Q6b – Accounting for Inventories in Accordance with IAS 2

Calculate the cost of plastic buckets sold during the period using the First-in-First-Out (FIFO) method.

Our offerings

Contact Info

Customer

Get In Touch

Question Tag: Cost of Goods Sold

Filter by Professional Bodies

Filter by Subject

Filter by Series

Filter by Topics

Filter by Levels

FA – Nov 2012 – L1 – SB – Q32 – Financial Statements Preparation

Calculate turnover based on the cost of goods sold and profit margin.

You're reporting an error for "FA – Nov 2012 – L1 – SB – Q32 – Financial Statements Preparation"

FA – May 2021 – L1 – SB – Q6b – Accounting for Inventories in Accordance with IAS 2

Calculate the cost of plastic buckets sold during the period using the First-in-First-Out (FIFO) method.

You're reporting an error for "FA – May 2021 – L1 – SB – Q6b – Accounting for Inventories in Accordance with IAS 2"

FA – Nov 2012 – L1 – SB – Q32 – Financial Statements Preparation

Calculate turnover based on the cost of goods sold and profit margin.

You're reporting an error for "FA – Nov 2012 – L1 – SB – Q32 – Financial Statements Preparation"

FA – May 2021 – L1 – SB – Q6b – Accounting for Inventories in Accordance with IAS 2

Calculate the cost of plastic buckets sold during the period using the First-in-First-Out (FIFO) method.

You're reporting an error for "FA – May 2021 – L1 – SB – Q6b – Accounting for Inventories in Accordance with IAS 2"

Our offerings

Contact Info

Customer

Get In Touch

admin