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| A5- 1.
LEED Co commenced business on 1 January 20X9, financed by cash $500,000. LEED Co used the cash raised to buy $500,000 inventory All the inventory were sold on 31 December 20X9 for $600,000. On that date the replacement cost of inventory was 15% higher than 1 January 20X9. The general rate of inflation as measured by the general prices index was 12% during 20X9. Please to prepare an income statement for the year ended 31 December 20X9 under: (a) Current purchasing power (b) Current cost accounting. |