The following information relates to the inventory of Bunty Hardware during the month of June 2022....

 

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The following information relates to the inventory of Bunty Hardware during the month of June 2022. Date 01/06/22 10/06/22 23/06/22 Transactions Beginning Inventory Purchases Purchases Units 1000 1000 1200 3200 Unit cost $6 $7 $8 Total cost $6,000 $7,000 $9,600 $22,600 Bunty Hardware uses periodic inventory system. During the month, 1500 units were sold for $15,000. A physical stocktake on 30 June verified that 1500 units were on hand. Ignore GST. Make assumption if necessary. You are required to: Prepare an income statement up to gross profit for 30 June 2022 using FIFO costing method The following information relates to the inventory of Bunty Hardware during the month of June 2022. Date 01/06/22 10/06/22 23/06/22 Transactions Beginning Inventory Purchases Purchases Units 1000 1000 1200 3200 Unit cost $6 $7 $8 Total cost $6,000 $7,000 $9,600 $22,600 Bunty Hardware uses periodic inventory system. During the month, 1500 units were sold for $15,000. A physical stocktake on 30 June verified that 1500 units were on hand. Ignore GST. Make assumption if necessary. You are required to: Prepare an income statement up to gross profit for 30 June 2022 using FIFO costing method

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To prepare an income statement up to gross profit for 30 June 2022 using the FIFO FirstInFirstOut co... View the full answer