Question: Use the above information to calculate the closing inventory for 31 July 2022. Selling price: N$ 50 Date Bought Date Sold 01 July 2022 250

Use the above information to calculate the closing inventory for 31 July 2022.

Selling price: N$ 50

Date

Bought

Date

Sold

01 July 2022

250 @ N$ 12

08 July 2022

120

05 July 2022

380 @ N$ 14

12 July 2022

80

14 July 2022

450 @ N$ 17


i) AVCO 07 Marks

ii) Calculate purchases using AVCO 02 Marks

iii) Calculate cost sale using AVCO 02 Marks

iv) Calculate sales using AVCO 03 Marks

v) Prepare trading statement as at 31 July 2022 04 Marks

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