On the 1st July 2021 Great Games Ltd had 150 play stations of the same model...

 

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On the 1st July 2021 Great Games Ltd had 150 play stations of the same model in stock at a cost of £100 each. The following transactions took place in July relating to the same lawnmower model: Date 4th July 10th July 18th July 25th July 28th July Transaction Purchase Sale Sale Purchase Sale Units 50 120 50 50 40 Price per unit £ 110 £ 200 £ 205 £ 120 £ 230 Required: Great Games Itd values its stock on a FIFO basis at the end of each month. Calculate: a) The value of great Games closing Inventory at the 31st July 2021 (9 Marks) b) Based on the data in the table what do you think Great Games strategy is regarding its gross profit for this play station model. On the 1st July 2021 Great Games Ltd had 150 play stations of the same model in stock at a cost of £100 each. The following transactions took place in July relating to the same lawnmower model: Date 4th July 10th July 18th July 25th July 28th July Transaction Purchase Sale Sale Purchase Sale Units 50 120 50 50 40 Price per unit £ 110 £ 200 £ 205 £ 120 £ 230 Required: Great Games Itd values its stock on a FIFO basis at the end of each month. Calculate: a) The value of great Games closing Inventory at the 31st July 2021 (9 Marks) b) Based on the data in the table what do you think Great Games strategy is regarding its gross profit for this play station model.

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