(i)Sofa sets for sale to customers
(ii)Shelves for display of ornaments for sale to customers
(iii)Tables and chairs for sale to customers
(iv)High stools for customers' use at the cashier's counter
(i), (ii) and (iii)
(i) and (iii)
(ii) and (iv)
All of the above
Which of the following is not a cost of purchase?
Delivery cost from the warehouse to the retail store
Salary of the salesman who sold the goods
Cost of repackaging the goods for sale
Import duties for goods purchased overseas
A batch of goods that cost $3,000 has its packaging damaged during delivery. It was sold for $2,700. What is the effect on profit for the period?
Decreased by $300
Increased by $2,700
Increased by $300
understated by $1,800.
overstated by $4,200.
overstated by $1,800.