QUESTION 9 Crafty Colin is an independent merchant, who sells cotton bales to several customers in the South-East Asian markets. At the beginning of March 2023, Crafty Collin held 150 bales of cotton at $720 each for a total opening value of $108,000 at his Brisbane warehouse. During the month of March 2023, Crafty Colin had the following purchases and sales Purchases Supplier A Suppler B Supplier C Total Sales Customer A Bales 125 135 150 410 Bales 430 Purchase Price/Bale $710 $700 1000 Sale Price/Bale 810 Total 88.750 94,500 S 103,500 $ 286,750 S S $ Total 348,300 Assuming Crafty Colin uses the periodic inventory system and the first-in-first-out (FIFO) inventory method, wha 2023 (rounded to the nearest whole dollar)? O$301,150 Ob.$303,112 Oc$305,050 Od $394,750 15
QUESTION 9 Crafty Colin is an independent merchant, who sells cotton bales to several customers in the South-East Asian markets. At the beginning of March 2023, Crafty Collin held 150 bales of cotton at $720 each for a total opening value of $108,000 at his Brisbane warehouse. During the month of March 2023, Crafty Colin had the following purchases and sales Purchases Supplier A Suppler B Supplier C Total Sales Customer A Bales 125 135 150 410 Bales 430 Purchase Price/Bale $710 $700 1000 Sale Price/Bale 810 Total 88.750 94,500 S 103,500 $ 286,750 S S $ Total 348,300 Assuming Crafty Colin uses the periodic inventory system and the first-in-first-out (FIFO) inventory method, wha 2023 (rounded to the nearest whole dollar)? O$301,150 Ob.$303,112 Oc$305,050 Od $394,750 15
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Hh3.
Transcribed Image Text:Od.DR Supplies $1,785, CR Supplies expense $1,785.
QUESTION 9
Crafty Colin is an independent merchant, who sells cotton bales to several customers in the South-East Asian markets. At the beginning of March 2023, Crafty Collin
held 150 bales of cotton at $720 each for a total opening value of $108,000 at his Brisbane warehouse. During the month of March 2023, Crafty Colin had the following
purchases and sales
Purchases
Supplier A
Suppler B
Supplier C
Total
Sales
Customer A
Bales
125
135
150
410
Ob.$303,112
Oc$305,050
Od $394,750
Bales
430
Purchase Price/Bale
$710
$700
$690
Sale Price/Bale
810
$
$
S
$
$
Total
88,750
94,500
103,500
286,750
Total
348.300
Assuming Crafty Colin uses the periodic inventory system and the first-in-first-out (FIFO) inventory method, what is the value of the cost of sales for the month of March
2023 (rounded to the nearest whole dollar)?
O a $301,150
1.5 pa
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