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The Income Statement for the year ended 31st December, 2020 under the method of Historical Cost Accounting of Sohar LLC is as follows. Particulars OMR Sales 500,000 Less: Cost of Goods Sold. Opening Stock (FIFO) 30,000 + Purchases 355,000 385,000 - Closing Stock 35,000 350,000 Gross Profit 150,000 - Operating Expenses 77,000 - Interest on Debentures 5,000 - Depreciation on Machinery 22,500 - Depreciation on Furniture 2,000 106,500 Net Profit 43,500 The general price index on 1st January, 2020 was 300 and on 31st December,2020 was 360. What is the amount of Cost of Goods Sold as per CPP Method? What is the amount of Gross Profit as per CPP Method? What is the amount of Net Profit as per CPP Method?

The Income Statement for the year ended 31st December, 2020 under the method of Historical Cost Accounting of Sohar LLC is as follows. Particulars OMR Sales 500,000 Less: Cost of Goods Sold. Opening Stock (FIFO) 30,000 + Purchases 355,000 385,000 - Closing Stock 35,000 350,000 Gross Profit 150,000 - Operating Expenses 77,000 - Interest on Debentures 5,000 - Depreciation on Machinery 22,500 - Depreciation on Furniture 2,000 106,500 Net Profit 43,500 The general price index on 1st January, 2020 was 300 and on 31st December,2020 was 360. What is the amount of Cost of Goods Sold as per CPP Method? What is the amount of Gross Profit as per CPP Method? What is the amount of Net Profit as per CPP Method?

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter5: The Income Statement And The Statement Of Cash Flows
Section: Chapter Questions
Problem 8E: Cost of Goods Sold, Income Statement. and Statement of Comprehensive Income Gaskin Company derives...
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The Income Statement for the year ended 31st December, 2020 under the method of Historical Cost Accounting of Sohar LLC is as follows. Particulars OMR Sales 500,000 Less: Cost of Goods Sold. Opening Stock (FIFO) 30,000 + Purchases 355,000 385,000 - Closing Stock 35,000 350,000 Gross Profit 150,000 - Operating Expenses 77,000 - Interest on Debentures 5,000 - Depreciation on Machinery 22,500 - Depreciation on Furniture 2,000 106,500 Net Profit 43,500 The general price index on 1st January, 2020 was 300 and on 31st December,2020 was 360. What is the amount of Cost of Goods Sold as per CPP Method? What is the amount of Gross Profit as per CPP Method? What is the amount of Net Profit as per CPP Method?
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