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 1st June 1185 units @ 9 6th June 711 units @ 10 11th June 474 units @ 12 19th June 1185 units @11 28th June 158 units @ 13 The following data relates to the sales: 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: b) Cost of closing inventory c) The gross profit

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 1st June 1185 units @ 9 6th June 711 units @ 10 11th June 474 units @ 12 19th June 1185 units @11 28th June 158 units @ 13 The following data relates to the sales: 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: b) Cost of closing inventory c) The gross profit

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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