Question
A companyhas the following stock movements in june 2021. Opening stocks 500 units usd 03 each Purchases 1,100 units @ usd3.20 each 400 units @
A companyhas the following stock movements in june 2021.
Opening stocks 500 units usd 03 each
Purchases 1,100 units @ usd3.20 each 400 units @ usd 4.00 each
1,600 units @ usd 4.40 each
Sales 3,200 units @ usd 7.50 each
It is estimated that sale price will be usd 8.50 per unit at the month end whereas selling expenses and other expenses to complete will be usd 0.75 per unit and usd 1.25 per unit respectively. Compute the cost of goods sold and value at which the ending inventory will be recorded at the end of june 2021 using a weighted average stock valuation base
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