answer these in 2 hour thankyou (QUESTIONS CONTINUE ON NEXT PAGE) QUESTIONS 14 AND...
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Accounting
answer these in 2 hour thankyou
(QUESTIONS CONTINUE ON NEXT PAGE) QUESTIONS 14 AND 15 Slim Jim, trading as Slim Jim Suits Ltd, ends his financial year on 31st December. At 1/1/21 he had goods in inventory valued at 19,300. During the year to 31/12/21, he purchased goods costing 69,500. Some of the fashion goods which cost 22,000 were still held in inventory at 31/12/21 however, Slim Jim believes that these could only now be sold at sale price of 21,100. All the goods still held in inventory at 31/12/21 (including the discounted fashion goods) had an original purchase cost of 24,200. Sales for the year were 108,600. QUESTION 14 What is the adjusted value of closing inventory for the year ending 31/12/21 for Slim Jim Suits Ltd? WORKINGS: ANSWER: (2 marks) QUESTION 15 What is the gross profit for the year ending 31/12/21? WORKINGS:
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