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Fundamentals of financial accounting

15.2 If work in progress increased during an accounting period, then:

A prime cost will decrease

B prime cost will increase

C the factory cost of goods completed will decrease

D the factory cost of goods completed will increase

CHAPTER 16 – INCOMPLETE RECORDS

16.1 The following information is available about the transactions of TUV, a sole
trader who does not keep proper accounting records:

$
Opening inventory 154,000
Closing inventory 168,000

Purchases 1,526,000
Gross profit margin 30%

Based on this information, what is TUV’s sales revenue for the year?

A $1,965,600

B $2,180,000

C $5,040,000

D $2,160,000

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