Lumley Pty Ltd has a perpetual inventory system and sells only one product. 80 items of...
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Lumley Pty Ltd has a perpetual inventory system and sells only one product. 80 items of inventory/stock costing $30 each were in the store at the beginning of June. 20 more items were purchased for $50 each on the 12th June. 90 items were sold for $100 each on the 28th June. Assuming a WEIGHTED AVERAGE system is used for inventory records, what was the cost of goods sold for the 28th June sale? Lumley Pty Ltd has a perpetual inventory system and sells only one product. 80 items of inventory/stock costing $30 each were in the store at the beginning of June. 20 more items were purchased for $50 each on the 12th June. 90 items were sold for $100 each on the 28th June. Assuming a WEIGHTED AVERAGE system is used for inventory records, what was the cost of goods sold for the 28th June sale?
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SOLUTION Under the weighted average method the cost of goods sold i... View the full answer
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date:
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