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Holidays Ltd manufactures caravans. Transactions for the year ended 30 June 2012 were as follows:
(i) 1200 caravans were manufactured at a cost of $15 000 each.
(ii) 1000 caravans were sold for $20 000 each.
(iii) Cash was collected on 950 of the caravans sold.
-What was the reported profit for the year ended 30 June 2012 if revenue was recognised when cash was received?
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