Table 1. The First Set of Data - Purchases 1 June 6th June 11 June 19th June 28th June The following data relates to the sales: 1185 units @9 711 units @ 10 474 units @ 12 1185 units @11 158 units @ 13 Table 2. The Second Set of Data - Sales 9th June 237 units @ 13 14 June 1422 units @13 24th June 553 units@15 Required: Based on the above information, calculate the following for the month of June 20X0: a) Cost of goods sold (COGS) ANSWER a: (answer box will enlarge
Table 1. The First Set of Data - Purchases 1 June 6th June 11 June 19th June 28th June The following data relates to the sales: 1185 units @9 711 units @ 10 474 units @ 12 1185 units @11 158 units @ 13 Table 2. The Second Set of Data - Sales 9th June 237 units @ 13 14 June 1422 units @13 24th June 553 units@15 Required: Based on the above information, calculate the following for the month of June 20X0: a) Cost of goods sold (COGS) ANSWER a: (answer box will enlarge
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
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Transcribed Image Text:Question 1
The accounting department of MNO Limited (MNO) provides two sets of data for June. The first data
relates to the purchase, and the second data relates to the sales.
Table 1. The First Set of Data - Purchases
1 June
6th June
11 June
19th June
28th June
The following data relates to the sales:
1185 units @ 9
711 units @ 10
474 units @ 12
1185 units @11
158 units @ 13
Table 2. The Second Set of Data-Sales
9th June
237 units @ 13
14th June
1422 units @ 13
24th June
553 units @ 15
Required:
Based on the above information, calculate the following for the month of June 20X0:
a) Cost of goods sold (COGS)
ANSWER a: (answer box will enlarge as you enter your response)
Transcribed Image Text:Based on the above information, calculate the following for the month of June 20X0:
a) Cost of goods sold (COGS)
ANSWER a: (answer box will enlarge as you enter your response)
b) Cost of closing inventory
ANSWER b:
c) The gross profit
ANSWER C:
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