FSLC Assessment 2
sophie_612
Registered Posts: 136 Dedicated contributor 🦉
Hi,
Please can someone help me as to how they got the highlighted answer.
Thanks
Sophie
Please can someone help me as to how they got the highlighted answer.
Thanks
Sophie
0
Comments
-
It goes like this:
Sales: 156580
Cost of Goods Sold:
opening inventory 2156 + purchases 130980 - (closing stock 3142 - inventory write down to NRV 258) - tax paid in error 3000 - dividend posted in error 2000 = 125252
Gross profit:
Sales 156580 - COGS 125252 = 31328
Overheads:
distribution costs 1987 + admin expenses 4358 + legal provision 1000 = 7345
EBIT:
Gross profit 31328 - Overheads 7345 = 23983
Interest and Tax:
interest 35 + tax 4200 - tax overprovision 150 = 4085
Net profit:
EBIT 23983 - interest and tax 4085 = 19898
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