Mr Peter started his business QN3 Shirts on the 1st day of August 2022. Initially, Mr...

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Mr Peter started his business QN3 Shirts on the 1st day of August 2022. Initially, Mr peter decided that he would be selling only one type of shirt. Mr Peter is using the FIFO and perpetual inventory control system since he thinks that this system is the most suitable for this type of item. Table 1 below presents the inventory and sales record for QNS Limited. Table 1. Inventory and Sales Record for QN3 Limited Purchase Price Unit (A$) Date 1 11 13 18 22 26 29 30 11 12 14 13 15 Units Purchased 2. Cost of closing inventory 3.3. The gross profit 750 450 300 750 100 Selling price per unit (A$) 15 15 17 (2 marks) Unit Sold (2 marks) 150 900 350 Units on hand 750 1200 1050 1350 450 1200 Required: Based on the above information, calculate for the month ended on the 31st day of August 2022: 1. Cost of goods sold (COGS) (3 marks) 850 950 Mr Peter started his business QN3 Shirts on the 1st day of August 2022. Initially, Mr peter decided that he would be selling only one type of shirt. Mr Peter is using the FIFO and perpetual inventory control system since he thinks that this system is the most suitable for this type of item. Table 1 below presents the inventory and sales record for QNS Limited. Table 1. Inventory and Sales Record for QN3 Limited Purchase Price Unit (A$) Date 1 11 13 18 22 26 29 30 11 12 14 13 15 Units Purchased 2. Cost of closing inventory 3.3. The gross profit 750 450 300 750 100 Selling price per unit (A$) 15 15 17 (2 marks) Unit Sold (2 marks) 150 900 350 Units on hand 750 1200 1050 1350 450 1200 Required: Based on the above information, calculate for the month ended on the 31st day of August 2022: 1. Cost of goods sold (COGS) (3 marks) 850 950

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