0.42 10.41 Greenmount Inc commences selling one type of beach umbrella in 2021. Whilst each umbrella is identical, the unit costs of manufacturing them has fluctuated due to rising material and labour costs. Greenmount Inc employs a perpetual inventory system. Details of the manufacturing costs are as follows: Date completed 8 July 2021 4 September 2021 19 January 2022 15 March 2022 19 June 2022 Details of sales are as follows: Date of sale 19 July 2021 6 September 2021 24 January 2022 3 April 2022 29 June 2022 Number completed Number sold 250 500 565 750 500 2565 200 525 575 700 Unit manufacturing costs 375 2375 50.00 55.00 60.00 Unit sales price $ 62.00 65.00 90.00 90.00 90.00 95.00 100.00 What is the cost of sales for the year ended 30 June 2022, and what is the value of inventory for balance sheet purposes as at 30 June 2022 assuming that Greenmount Inc uses:

0.42 10.41 Greenmount Inc commences selling one type of beach umbrella in 2021. Whilst each umbrella is identical, the unit costs of manufacturing them has fluctuated due to rising material and labour costs. Greenmount Inc employs a perpetual inventory system. Details of the manufacturing costs are as follows: Date completed 8 July 2021 4 September 2021 19 January 2022 15 March 2022 19 June 2022 Details of sales are as follows: Date of sale 19 July 2021 6 September 2021 24 January 2022 3 April 2022 29 June 2022 Number completed Number sold 250 500 565 750 500 2565 200 525 575 700 Unit manufacturing costs 375 2375 50.00 55.00 60.00 Unit sales price $ 62.00 65.00 90.00 90.00 90.00 95.00 100.00 What is the cost of sales for the year ended 30 June 2022, and what is the value of inventory for balance sheet purposes as at 30 June 2022 assuming that Greenmount Inc uses:

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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