Landscaping Rocks July September Opening Balance on July 1 10 tonnes valued at $1150
Question:
Landscaping Rocks – July – September
Opening Balance on July 1 – 10 tonnes valued at $1150
Selling Price - $180 per tonne
Date | Purchases | Sales |
July 1 | 20 tonnes @ $130 per tonne | |
17 | 6 tonnes | |
August 4 | 5 tonnes | |
12 | 11 tonnes @ $128 per tonne | |
15 | 9 tonnes | |
28 | 3 tonnes | |
Sept 3 | Returned 6 tonnes from August 12 purchase (rocks were damaged when delivered) | |
8 | 4 tonnes | |
15 | 12 tonnes @ $130 per tonne | |
A stocktake on September 30 indicated 20 tonnes on hand |
Timber Beams – July – September
Opening Balance on July 1 – 50 beams valued at $600
Selling Price - $22 per beam
Date | Purchases | Sales |
July 6 | 200 beams @ $10 each | |
12 | 80 beams | |
21 | 130 beams @ $11 each | |
August 9 | 150 beams | |
18 | 150 beams | |
25 | 200 beams @ $12 each | |
28 | 50 beams returned (wood was warped and unusable) | |
Sept 6 | 100 beams | |
8 | Returned 50 beams from July 21 purchase (warped beams) | |
A stocktake on September 30 indicated 90 beams on hand |
1. provided you with information and asked you to calculate COGS and Gross Profit for (show calculations)
1A) Landscaping rocks
1B) Timber Beams
2. COMPLETE BOTH STOCK CARDS FOR EACH (show each stockcard using info above as needed)
2a) landscaping rocks
2b) Timber beans