Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. abc company ltd uses the periodic inventory system

ABC Company Ltd uses the periodic inventory system. At 1 April 2016 the...

80.2K

Verified Solution

Question

Accounting

image

ABC Company Ltd uses the periodic inventory system. At 1 April 2016 the company had 174 units as opening stock valued at $22 each. During the year ended 31 March 2017 the Company sold 2,785 units for $105,070. ABC Company made the following purchases during the year: 0 May 2016 31 August 2016 30 November 2016 28 February 2017 520* units for $23 each 420* units for $21 each 1,020* units for $24 each 1,020* units for $23 each At 31 March 2017 ABC Company Ltd had 369* units as closing stock. Required: Calculate the closing inventory, cost of sales and gross profit using the: method. (6.0 Marks) b) Weighted Average method 4.0 Marks)

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Basic Math
1.2K views

Not all operators are commutative, namely, a*b = b*a. Consider functions under the operators addition, subtraction, multiplication,...

Chemistry
1.2K views

A combustion gas has the following composition (by volume): 75% N2, 5.5% O2, 11% CO2, 8.4% H2O,...

Accounting
1.2K views

ABC Company manufactures and sells a single product. The following information is available concerning the operations...

Calculus
1.2K views

Textbook Find the critical numbers of the function f x 121 75x your answers to...

Calculus
1.2K views

Expand the following as sums and/or differences of simpler logarithmic expressions.In3x??x(2x+1)1In 3x+-In x-21n (2x+1)31n x+In...

Algebra
1.2K views

Solve the given equation over the real numbers Present your answer as an integer or...

Algebra
1.2K views

Consider the following polynomial q x x4 7x 11x 7x 12 Step 2 of 2...

Accounting
1.2K views

Maffett Ticket Brokers is a reseller of tickets to sporting events and concerts....

Accounting
1.2K views

flate 17 ieats |'anticitiof flate 17 ieats |'anticitiof

Accounting
1.2K views

Which of the following best describes the calculailion of the ivon-conitroling inserest (NCi) on the...

Accounting
1.2K views

Question 22 (10 points) Pit Corporation owns 60% of Stop Company's outstanding common stock. On...

Accounting
1.2K views

Shankar Company uses a periodic system to record inventory transactions. The company purchases inventory on...