【每日一练】ACCA F7（Sep 2016）

Please use the grid provided on page two of the Candidate Answer Booklet to record your answers to each multiple choice question. Do not write out the answers to the MCQs on the lined pages of the answer booklet.
Each question is worth 2 marks.

Parket Co acquired 60% of Suket Co on 1 January 20X7. The following extract has been taken from the individual statements of profit or loss for the year ended 31 March 20X7:
                                                    Parket Co                            Suket Co
                                                      $’000                                $’000
Cost of sales                                       710                                     480
Parket Co consistently made sales of $20,000 per month to Suket Co throughout the year. At the year end, Suket Co held $20,000 of this in inventory. Parket Co made a mark-up on cost of 25% on all sales to Suket Co.
What is Parket Co’s consolidated cost of sales for the year ended 31 March 20X7?
A $954,000
B $950,000
C $774,000 
D $766,000

Answer：

 C
710,000 + (480,000 x 3/12) – (20,000 x 3) + (20,000 x 25/125) = $774,000

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