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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