The profit shown in the financial accounts was £158,500 but the cost accounts showed a different figure. The following stock valuations were used: Stock valuations Cost accounts Financial accounts Opening stock £34,260 32,140 Closing stock £68,240 £70,192 What was the profit in the cost accounts? A £162,572 B £154,628 C £162,620 D £162,402
The profit shown in the financial accounts was £158,500 but the cost accounts showed a different figure. The following stock valuations were used: Stock valuations Cost accounts Financial accounts Opening stock £34,260 32,140 Closing stock £68,240 £70,192 What was the profit in the cost accounts? A £162,572 B £154,628 C £162,620 D £162,402
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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The profit shown in the financial accounts was £158,500 but the cost accounts
showed a different figure. The following stock valuations were used:
Stock valuations Cost accounts Financial accounts
Opening stock £34,260 32,140
Closing stock £68,240 £70,192
What was the profit in the cost accounts?
A £162,572
B £154,628
C £162,620
D £162,402
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