Sales for ABC Company were Rs.150,000 for 2003.The
beginning inventory was 30% of the cost of goods sold.The
ending inventory was 50% of the beginning invetory.Selling
expenses were 10% of sales and absorbed 30% sales.Income
taxes were 30% of net income before taxes.
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Answer / Chandra Prakash
Beginning Inventory: Rs. 45,000 (150,000 * 30% / 100).nCost of goods sold = Sales - Selling expenses = 150,000 - (10% of sales) = 150,000 - 15,000 = Rs. 135,000.nEnding inventory: 0.5 * Beginning Inventory = 75,000.nNet income before taxes: Sales - Cost of goods sold - Selling expenses = 150,000 - 135,000 - 15,000 = Rs. 0.nIncome taxes = 30% * Net income before taxes = 30,000.
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