Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Closing inventory of 7 units at R150 each on 31 December 2014 60 units at R150 each were purchased on 30 May 2015 55 units

Closing inventory of 7 units at R150 each on 31 December 2014

60 units at R150 each were purchased on 30 May 2015

55 units at R170 each were purchased on 31 October 2015

During the year (jan-Dec 2015) smartphoneproctective covers were sold at R200 each.

Required:

Calculate the value of closing inventory as at 31 December 2015 and gross profit for the year ended 31st December 2015 using the weighted average cost method,

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Management Accounting

Authors: Kim Langfield Smith, Helen Thorne, David Alan Smith, Ronald W. Hilton

7th Edition

978-1760421144, 1760421146

More Books

Students also viewed these Accounting questions

Question

1. Background knowledge of the subject and

Answered: 1 week ago

Question

2. The purpose of the acquisition of the information.

Answered: 1 week ago