Store Ledger Card provided the following information for July: Date...
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Accounting
- Store Ledger Card provided the following information for July:
| Date | quantity | cost per item |
| 1 | 50 | 2000 |
| 2 | 100 | 2500 |
| 9 | 50 | 2800 |
| 18 | 125 | 3000 (sales transaction) |
| 20 | 85 | 3200 |
| 22 | 100 | 3400 |
| 27 | 150 | 2900 (sales transaction) |
Determine the Cost of Sales, Cost of Closing Stock, Sales and Gross profit / loss under each of the following method by using perpetual inventory system, Cost are assigned on the basis of FIFO and Cost are assigned on the basis of Weighted Average.
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