Using a periodic FIFO inventory system, determine the cost of the closing inventory and the cost of sales for the year. Show all your calculations. The following information relates to the inventory of a bookseller in the records of BCD Books Ltd. 1 July Opening inventory 10 @ $35 $350 14 Aug Purchased 25 Sept Sold at selling price 9 @ $60 540 10 @ $38 380 10 @ $40 400 5 @ $42 210 8 Jan Purchased 3 March Purchased 13 April Sold at selling price 11 @ $65 715 10 June Sold at selling price 5 @ $70 350

Using a periodic FIFO inventory system, determine the cost of the closing inventory and the cost of sales for the year. Show all your calculations. The following information relates to the inventory of a bookseller in the records of BCD Books Ltd. 1 July Opening inventory 10 @ $35 $350 14 Aug Purchased 25 Sept Sold at selling price 9 @ $60 540 10 @ $38 380 10 @ $40 400 5 @ $42 210 8 Jan Purchased 3 March Purchased 13 April Sold at selling price 11 @ $65 715 10 June Sold at selling price 5 @ $70 350

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Description: Using a periodic FIFO inventory system, determine thecost of the closing inventory and the cost of sales forthe year. Show all your calculations.The following information relates to the inventory of abookseller in the records of BCD Books Ltd.1 July

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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