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- What amount should be presented as a deduction from cost of goods sold?What is the formula for calculating sales tax? A. Amount of Purchase x Sales Tax Rate = Sales Tax B. Cost of Goods Sold x Sales Tax Rate = Sales Tax C. Amount of Revenue x Sales Tax Rate = Sales TaxWhat should be presented as a deduction from cost of goods sold?
- Which of the following item is not considered in calculation of cost of goods sold? a. Direct wages O b. Purchases O c. Carriage inwards o d. None of theseThe cost of insurance and tax is included in which of the following costs? a. Inventory carrying cost b. None of these c. Cost of ordering d. Set up costStatement 1: Excises tax, custom duties and the VAT on importation is similarly collectible at the point of importation. Statement 2: Excise tax and the VAT on importation are similarly imposed upon landed costs. Which is false? Neither statement Both Statement Statement 1 Statement 2
- Which of the following is not a component of Net Sales?a. Sales Returns and Allowancesb. Sales Discountsc. Cost of Goods Soldd. Sales RevenueWhat are the situs rules on income tax situs on sales of goods?2. Creditable deductible input tax includes the following, except, a. Presumptive, transitional, and standard b. Withholding VAT C Advance payment of VAT d. Vat paid on sale of goods
- 1. HOW MUCH IS THE COST OF GOODS SOLD? 2. HOW MUCH IS THE COST OF GOODS AVAILABLE FOR SALE? 3. HOW MUCH IS THE NET INCOME BEFORE TAX?How do you calculate the markup on cost of goods sold? Is the markup pure profit? Explain.Which of the following is not reported in an income statement under IFRS? a. Discontinued operations. b. Extraordinary items. c. Cost of goods sold. d. Income tax.