The historical cost of sales figure for Lemon Ltd for the year ended 31 December 2016 is

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The historical cost of sales figure for Lemon Ltd for the year ended 31 December 2016 is calculated as follows:

Price indices for inventory are as follows:

Required:
Assuming that purchases occur evenly throughout the year, calculate the cost of sales adjustment for Lemon Ltd for 2016.

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Frank Woods Business Accounting Volume 2

ISBN: 9781292085050

13th Edition

Authors: Frank Wood, Alan Sangster

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Question Posted: Sep 10, 2023 12:25 AM

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The historical cost of sales figure for Lemon Ltd for the year ended 31 December 2016 is

Question:

Opening inventory Purchases Closing inventory Cost of sales £ 100,000 800,000 900,000 (150,000) 750,000

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Description Amount Opening Inventory Negative 150000 Purchases 750000 Closing Inventory To be calcul...View the full answer

Frank Woods Business Accounting Volume 2

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