Question
Lumley Pty Ltd has a perpetual inventory system and sells only one product. 80 items of inventory/stock costing $30 each were in the store at
Lumley Pty Ltd has a perpetual inventory system and sells only one product.
80 items of inventory/stock costing $30 each were in the store at the beginning of June.
20 more items were purchased for $50 each on the 12th June.
90 items were sold for $100 each on the 28th June.
assuming a WEIGHTED AVERAGE system is used for inventory records, what was the cost of goods sold for the 28th June sale?
Select one:
a. $1,000
b. $9,000
c. $3,060
d. $2,700
e. $4,500
Assuming a FIFO system is used for inventory records, what was the cost of goods sold for the 28th June sale?
Select one:
a. $3,060
b.$2,400
c. $2,900
d.$9,000
.e. $3,100
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