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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text: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
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