Jerry's Hardware sells a range of bulk commodities such as sand, soil, gravel and the...
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Accounting
Jerry's Hardware sells a range of bulk commodities such as sand, soil, gravel and the like. For these bulk commodities the periodic inventory system is used. A stocktake is conducted every month to determine the value of closing stock for the monthly financial report.
The average inventory turnover rate for the industry is 8.1 times per year.
Jerrys' Hardware financial statements for the year ended 30/6/20X1 show the commodity sand had the following figures:
| Opening inventory 1/7/X0 | $110,000 |
| Total purchases | $650,000 |
| Closing inventory as per stocktake 30/6/X1 | $126,000 |
Required:
- Calculate the Cost of Goods sold for sand for Jerry's Hardware for the financial year ending 20X1.
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