Compute the cost of sales and closing inventory for Ganada Coose ltd using the below information: Opening
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Question:
Compute the cost of sales and closing inventory for Ganada Coose ltd using the below information:
Opening stock with Cost at €10,500 (220 units) and NRV of €11750
Jan purchases 1000 units at €45 per unit
March purchases 950 units totalling €41,250
May sales €930
August purchase 400 units at €41 per unit
November sales 1470 units
Questions:
1. What was the Cost of Sales for the FIFO method?
2. What was the closing inventory for the FIFO method?
3. What was the cost of sales for the AVCO?
4. What was the closing inventory for the AVCO method?
Related Book For
Financial Accounting
ISBN: 978-1259103285
5th Canadian edition
Authors: Robert Libby, Patricia Libby, Daniel Short, George Kanaan, M
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