For the six months period ended October 31, 2017. CHRIST IS THE ANSWER, an importer and distributor of machine guns, had the following transactions in his records: There was an opening balance of 900 units which had a value of GH¢19,800.00 Bought Quantity Date Units Cost per unit GH¢ May 3 750 20.50 June 15 1,000 25.00 August 30 2,000 29.00 Sold Quantity Date Units Price per unit GH¢ July 5 1,250 32.00 September 18 1,750 35.00 October 27 1,500 37.00 From the information given above and using the Weighted Average method for pricing issues, you are required to: i. Show the stores ledger records including the closing stock balance and stock valuation. ii. Prepare the trading accounts for the period to show the gross profit for the method of pricing issues used in question i. iii. How is inventory valued?

For the six months period ended October 31, 2017. CHRIST IS THE ANSWER, an importer and distributor of machine guns, had the following transactions in his records: There was an opening balance of 900 units which had a value of GH¢19,800.00 Bought Quantity Date Units Cost per unit GH¢ May 3 750 20.50 June 15 1,000 25.00 August 30 2,000 29.00 Sold Quantity Date Units Price per unit GH¢ July 5 1,250 32.00 September 18 1,750 35.00 October 27 1,500 37.00 From the information given above and using the Weighted Average method for pricing issues, you are required to: i. Show the stores ledger records including the closing stock balance and stock valuation. ii. Prepare the trading accounts for the period to show the gross profit for the method of pricing issues used in question i. iii. How is inventory valued?

Practical Management Science

6th Edition

ISBN:9781337406659

Author:WINSTON, Wayne L.

Publisher:WINSTON, Wayne L.

Chapter2: Introduction To Spreadsheet Modeling

Section: Chapter Questions

Problem 20P: Julie James is opening a lemonade stand. She believes the fixed cost per week of running the stand...

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