The company uses perpetual inventory and the moving average cost flow assumption. Orange Ltd had five units of the product Apple on hand at 1 May 2022. The following purchases and sales were made during May: i. What was the dollar value of cost of goods sold of Apples? ii. What is the dollar balance of inventory as at 31 May 2022?
The company uses perpetual inventory and the moving average cost flow assumption. Orange Ltd had five units of the product Apple on hand at 1 May 2022. The following purchases and sales were made during May: i. What was the dollar value of cost of goods sold of Apples? ii. What is the dollar balance of inventory as at 31 May 2022?
Corporate Financial Accounting
14th Edition
ISBN:9781305653535
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter6: Inventories
Section: Chapter Questions
Problem 6.3TIF: Communication Golden Eagle Company began operations on April 1 by selling a single product. Data on...
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Accounting
The company uses perpetual inventory and the moving average cost flow assumption.
Orange Ltd had five units of the product Apple on hand at 1 May 2022. The following purchases and sales were made during May:
i. What was the dollar value of cost of goods sold of Apples?
ii. What is the dollar balance of inventory as at 31 May 2022?
Include simple workings
![1 May
Opening balance
10 units @ $180
Purchases
5 May 5 units @ $240
14 May 9 units @ $260
25 May 6 units @ $210
Sales
9 May 6 units
27 May 12 units](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F548f144b-9127-46bb-ba4e-7cbbebe00421%2F768df596-3464-4063-a42f-aba2f95c0ad2%2F8q0zbe_processed.png&w=3840&q=75)
Transcribed Image Text:1 May
Opening balance
10 units @ $180
Purchases
5 May 5 units @ $240
14 May 9 units @ $260
25 May 6 units @ $210
Sales
9 May 6 units
27 May 12 units
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