Question 12: The following information is an extract from a company's sales and purchases of...
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Question 12: The following information is an extract from a company's sales and purchases of raw materials for the 3 months period ended 30 September 2016: Cost price/Unit () Sold (Units) Date Purchases (Units) 07/07 800 22/08 700 24/08 11.50 9.00 1000 27/09 100 Required: Produce a statement showing the Cost of Goods Sold and Cost of the Closing Inventory on 30 September 2016, on the assumption that the company uses the FIFO method
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