Accounting 9706 · AS & A Level · Preparation of financial statements

Preparation of financial statements — practice question

The table summarizes transactions for a product in July. There was no inventory at the start. Purchased: 50 units at $4 per unit. Sold: 30 units at $10 per unit. Among the units left over, 8 are damaged and so have no value. Calculate the profit for July.

  • A$68
  • B$100
  • C$148
  • D$180

Worked solution & mark scheme

This 1-mark question has a full step-by-step worked solution and mark scheme.

  • Full mark scheme, point by point
  • Step-by-step worked solution
  • Write your answer & get it marked instantly by AI