Question
ABC. Ltd. uses a perpetual inventory system and the weighted average cost method.The following represent complete information on inventory transactions for ABC.Ltd. for the year:
ABC. Ltd. uses a perpetual inventory system and the weighted average cost method.The following represent complete information on inventory transactions for ABC.Ltd. for the year:
January 1 Opening inventory [ou] units at $ 8 per unit
June 1 Purchased 6000 units at $ 10 per unit
August 1 Purchased 5500 units at $ 9 per unit
October 1 Sold 10000 units at $ 26 per unit
Calculate gross margin for the year.
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Financial Accounting for Decision Makers
Authors: Peter Atrill, Eddie McLaney
6th Edition
273763451, 273763458, 978-0273763451
