The historical cost of sales figure for Lemon Ltd for the year ended 31 December 2016 is
Question:
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.
Transcribed Image Text:
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
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Related Book For
Frank Woods Business Accounting Volume 2
ISBN: 9781292085050
13th Edition
Authors: Frank Wood, Alan Sangster
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