Reference no: EM132752516
In company A, purchases are often made under normal credit terms of 10/10 , n / 20 and normal credit terms of 10/5, n/15 are allowed for customers. The company and its customers usually take discount in most purchases and sales ,respectively . During January, there were following transactions related to its inventory purchases and sales
Case 1:
1. The purchase invoices showed the amount $400 , normal credit term of 10/10 , n / 20 . The company paid $360 for its purchases
2. Half of the purchased inventory was sold for $ 300 , normal credit terms of 10/5 , n/15 . The customers took discount , and then $ 270 was collected .
Case 2:
1. The purchase invoices showed the amount $ 400 , normal credit term of 10/10 , n/20 . It is unusual that the company deferred the payment in 20 days because it faced to cash deficit problem when the customers deferred their payment .
2. Half of the purchased inventory was sold for $ 300 , normal credit terms of 10/5 , n/15 . The customers deferred their payment in 15 days .
Requirement:
Problem 1: On Jannuary 31, calculate Inventory Sales; COGS; Operating profit; Finance income; Finance expense and Total profit for Jannuary
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