A747 Limited and A767 Limited are subsidiaries of one economic entity. Both A747 Limited and A767 Limited are both separate legal entities required to prepare their own financial statements. During the 20X7 financial year, A747 Limited sold A767 Limited an amount of inventory which cost $1,000 for $2,000. At the end of the 20X7 financial year, A767 Limited has 60 percent of that inventory still on hand and the rest has been sold to an entity outside the economic entity.At what amount should the inventory remaining in A767 Limited be recorded in the consolidated financial statement for the economic entity for the 20X7 financial year?Group of answer choices$1,200$800$2,000$600

During the 20X7 financial year, X Ltd sells inventory to its parent P Ltd for $90,000 representing a mark-up of 50% on cost. At 30 June 20X7, 3/4 of the goods are still held by P Ltd. The unrealised profit to be eliminated on consolidation is: a. $10,000 b. $22,500 c. $60,000 d. $30,000

A Limited has two subsidiary entities, B Limited and C Limited. A Limited owns 100% of the shares in both entities. Details of thecash accounts of each company are: A Limited $870000, B Limited $820000, C Limited $30000. The balance of the consolidatedcash account of the A Limited group is:

An entity just starting business made the following four inventory purchases in June:            June     1          150 units                     $1,500            June     10        130 units                       1,170            June     15        90 units                         1,260            June     23        110 units                          990                                                                        $4,920A physical count of inventory on June 30 reveals that there are 20 units on hand. Using the weighted average cost method the amount allocated to the ending inventory on June 30 is:Question 5Answera.$205b.$180c.$220d.$200

B330 Limited always sells inventory items to its subsidiary B380 Limited at a 40 percent markup on cost. During the 20X7 financial year, the unrealised profit in opening inventory of B380 Limited exceeds that of its unrealised profit in closing inventory. Assuming the same tax rate for both 20X6 and 20X7 financial years, which of the following statements is correct with respect to B330 Limited’s consolidated financial statements after considering these transactions only?Group of answer choicesConsolidated profit for the 20X7 financial year will decrease.Consolidated sales and purchases/cost of goods sold for the 20X7 financial year will be unaffected.The retained earnings opening balance for the 20X7 financial year will increase.Consolidated profit for the 20X7 financial year will increase.

The following information was obtained from the accounting records of Cool Limited for the year ended 28 February 2022: RInventory (1 March 2021)149 500Sales750 000Purchases540 000Sales returns1 500Purchases returns2 000Freight charges on purchases650Freight charges on sales1 700Settlement discount granted350 A physical inventory count on 28 February 2022 indicated that the value of the closing inventory on hand amounted to R400 000. Required:Use the information provided above to calculate the gross profit/loss of Cool Limited for the year ended 28 February 2022.  The entity uses the periodic inventory control system.NB: Instructions1. Use a full stop to indicate any decimals (eg: 1000.01)2. Only show the amount, do not show the R (eg: 12141.72)3. If the total amount calculated is a loss, please enter the amount as a negative (eg: -12141.72), if the amount calculated is a profit, please enter the amount as a positive (eg: 12141.72)Answer: