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 totaled $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:

Question

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 totaled $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:

Quizplus · Accepted Answer

Revenue is recognized from the sale of goods, which is 5000 units sold at $10 per unit, totaling $50,000.

The Following Information Relates to SellIT