Question: please make sure it is correct Question 2 6 Marks Required: Using a periodic FIFO inventory system, determine the cost of the closing inventory and

please make sure it is correct

please make sure it is correct Question 2 6 Marks Required: Using

Question 2 6 Marks Required: Using a periodic FIFO inventory system, determine the cost of the closing inventory and the cost of sales for the year. Show all your calculations. The following information relates to the inventory of a bookseller in the records of BCD Books Ltd. 1 July Opening inventory 10 @ $35 $350 14 Aug Purchased 10 @ $38 380 25 Sept Sold at selling price 9 @ $60 540 2. 8 Jan 3 March 13 April 10 June Purchased Purchased Sold at selling price Sold at selling price 10 @ $40 5 @ $42 11 @ $65 5 @ $70 400 210 715 350

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