Business: Financial Accounting vs Managerial Accounting

Midzi Ltd buys goods for resale from Khumalo Ltd which yield a profit to Khumalo Ltd of 33 1/3% on selling price. Goods purchased by Midzi Ltd during the year ended 30 June 2009 at a cost of $36 000 were unsold at the date and included in stocks at a net realisable value of $34 000. At 30 June 2008 stocks held by Midzi Ltd had not included any goods purchased from Khumalo Ltd

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