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The following information relates to an inventory item of Industry Chemical Pty Ltd...

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Accounting

The following information relates to an inventory item of Industry Chemical Pty Ltd during April 2023

Date Explanation Quantity (Pack) Unit cost
1 Beginning Inventory 160 $15
3 Purchased 180 $16
17 Purchased 220 $18
Cost of Goods Available for Sale 560

During the period sold 400 units for $30 each.

Determine the cost of ending inventory, the cost of sales and profit, using Weighted Average valuation method.

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