The Following Information Relates to SellIT

The following information relates to SellIT:
 5000 units of stock were sold for $10 per unit
 the cost of that stock to SellIT was $4.50 per unit
 other costs incurred during the period totalled $10 000
 proceeds on sale of an item of plant during the period was $2000
 the carrying amount of the plant at the date of disposal was $500.
SellIT would recognise the following amount as revenue for the period:

A) $27 500
B) $50 000
C) $51 500
D) $52 000

Correct Answer:

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