3 A company values its inventory using the weighted average cost (AVCO) method. At 1 January...

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3 A company values its inventory using the weighted average cost (AVCO) method. At 1 January 2022 the company had 500 umbrellas in inventory, valued at 12 AZN each Financial year of the company is 31 December. Subsequently to year end company identified that selling price of inventories is 12 AZN and selling expenses 2.5 AZN. During the year the following transactions took place: 2 February 15 February 23 March 10 October Purchased 280 umrellas at 12.5 AZN each Sold 600 at gross profit margin 25% Purchased 100 umrellas at 13 AZN each Sold 150 at gross profit margin 20% Based on information provided calculate/provide: 1. Cost of sales of sold umrellas (4 marks) 2. Inventory value as at 31 December ( 4 marks) 3. Gross profit as at 31 December(2 marks) 3 A company values its inventory using the weighted average cost (AVCO) method. At 1 January 2022 the company had 500 umbrellas in inventory, valued at 12 AZN each Financial year of the company is 31 December. Subsequently to year end company identified that selling price of inventories is 12 AZN and selling expenses 2.5 AZN. During the year the following transactions took place: 2 February 15 February 23 March 10 October Purchased 280 umrellas at 12.5 AZN each Sold 600 at gross profit margin 25% Purchased 100 umrellas at 13 AZN each Sold 150 at gross profit margin 20% Based on information provided calculate/provide: 1. Cost of sales of sold umrellas (4 marks) 2. Inventory value as at 31 December ( 4 marks) 3. Gross profit as at 31 December(2 marks)