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. Quality Streets (Private) Limited has the following stock movements in May 2021. Opening stocks 500 units PKR 03 each Purchases 1,100 units @ PKR 3.20 each 400 units @ PKR 4.00 each 1,600 units @ PKR 4.40 each 3,200 units @ PKR 7.50 Sales each It is estimated that sale price will be PKR 8.50 per unit at the month end whereas selling expenses and other expenses to complete will be PKR 0.75 per unit and PKR 1.25 per unit respectively. Compute the cost of goods sold and value at which the ending inventory will be recorded at the end of May 2021 using a weighted average stock valuation base

. Quality Streets (Private) Limited has the following stock movements in May 2021. Opening stocks 500 units PKR 03 each Purchases 1,100 units @ PKR 3.20 each 400 units @ PKR 4.00 each 1,600 units @ PKR 4.40 each 3,200 units @ PKR 7.50 Sales each It is estimated that sale price will be PKR 8.50 per unit at the month end whereas selling expenses and other expenses to complete will be PKR 0.75 per unit and PKR 1.25 per unit respectively. Compute the cost of goods sold and value at which the ending inventory will be recorded at the end of May 2021 using a weighted average stock valuation base

FINANCIAL ACCOUNTING
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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. Quality Streets (Private) Limited has the following stock movements in May 2021. Opening stocks 500 units PKR 03 each Purchases 1,100 units @ PKR 3.20 each 400 units @ PKR 4.00 each 1,600 units @ PKR 4.40 each 3,200 units @ PKR 7.50 Sales each It is estimated that sale price will be PKR 8.50 per unit at the month end whereas selling expenses and other expenses to complete will be PKR 0.75 per unit and PKR 1.25 per unit respectively. Compute the cost of goods sold and value at which the ending inventory will be recorded at the end of May 2021 using a weighted average stock valuation base
Transcribed Image Text:. Quality Streets (Private) Limited has the following stock movements in May 2021. Opening stocks 500 units PKR 03 each Purchases 1,100 units @ PKR 3.20 each 400 units @ PKR 4.00 each 1,600 units @ PKR 4.40 each 3,200 units @ PKR 7.50 Sales each It is estimated that sale price will be PKR 8.50 per unit at the month end whereas selling expenses and other expenses to complete will be PKR 0.75 per unit and PKR 1.25 per unit respectively. Compute the cost of goods sold and value at which the ending inventory will be recorded at the end of May 2021 using a weighted average stock valuation base
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