Use the following information to answer the given question. \(\begin{array}{c|c} & ₦\\ \hline \text{Prime cost} & 4,000\\ \text{Factory overheads} & 6,000\\...
Question 1 Report
Use the following information to answer the given question.
\(\begin{array}{c|c} & ₦\\ \hline \text{Prime cost} & 4,000\\ \text{Factory overheads} & 6,000\\ \text{Stock on 1/1/09 work-in-progress} & 1,000\\ \text{Stock on 31/12/09 work-in-progress} & 2,000 \\ \text{Returns inwards} & 800 \\ \text{Sales} & 20,000\end{array}\)
Net sales for the period is
\(\begin{array}{c|c} & ₦\\ \hline \text{Prime cost} & 4,000\\ \text{Factory overheads} & 6,000\\ \text{Stock on 1/1/09 work-in-progress} & 1,000\\ \text{Stock on 31/12/09 work-in-progress} & 2,000 \\ \text{Returns inwards} & 800 \\ \text{Sales} & 20,000\end{array}\)
Net sales for the period is
Answer Details
The net sales for the period can be calculated by subtracting the returns inwards from the sales. Therefore:
Net sales = Sales - Returns inwards
Substituting the given values, we get:
Net sales = ₦20,000 - ₦800 = ₦19,200
Hence, the answer is ₦19,200.
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