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Business
Accounting
May 1 Opening Inventory 200units at $5.5 per unit May 6 - Purchases 60 units at $ 6 per - unit May 10 - Sales 170 units at $12 per unit May 15 - Purchases 125 units at $6.75 per unit May 31 - Sales 110 units at $15 per unit Business expenses amounted to $455 Calculate the profit for the month if inventory is valued as per: (1) First In First Out method (2) Average Cost method

May 1 Opening Inventory 200units at $5.5 per unit May 6 - Purchases 60 units at $ 6 per - unit May 10 - Sales 170 units at $12 per unit May 15 - Purchases 125 units at $6.75 per unit May 31 - Sales 110 units at $15 per unit Business expenses amounted to $455 Calculate the profit for the month if inventory is valued as per: (1) First In First Out method (2) Average Cost method

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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May 1 Opening Inventory 200units at $5.5 per unit May 6 - Purchases 60 units at $ 6 per - unit May 10 - Sales 170 units at $12 per unit May 15 - Purchases 125 units at $6.75 per unit May 31 - Sales 110 units at $15 per unit Business expenses amounted to $455 Calculate the profit for the month if inventory is valued as per: (1) First In First Out method (2) Average Cost method
Transcribed Image Text:May 1 Opening Inventory 200units at $5.5 per unit May 6 - Purchases 60 units at $ 6 per - unit May 10 - Sales 170 units at $12 per unit May 15 - Purchases 125 units at $6.75 per unit May 31 - Sales 110 units at $15 per unit Business expenses amounted to $455 Calculate the profit for the month if inventory is valued as per: (1) First In First Out method (2) Average Cost method
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