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Mansfield Ltd is a wholesale distribution business that sells bottled juice to supermarkets. The following information relates to business activities during June 2020. 1 June
Mansfield Ltd is a wholesale distribution business that sells bottled juice to supermarkets. The following information relates to business activities during June 2020. 1 June 5 June 9 June 13 June 18 June 22 June 23 June 29 June Opening Inventory Sales Purchases Purchases Sales 1,800 bottles @ $2.08 800 bottles @ $3.20 1,200 bottles @ $2.04 1,100 bottles @ $2.01 1,700 bottles @ $3.10 1,000 bottles @ $2.02 2,200 bottles @ $3.25 1,600 bottles @ $2.07 Purchases Sales Purchases Additional information: 1) 320 bottles of closing inventory have been damaged and can only be sold for $0.55 per bottle. 2) Transportation from Mansfield Ltd to customers costs $0.20 per bottle. Mansfield Ltd pays all transportation costs. 3) The company uses the periodic inventory method. Required: In accordance with AASB 102 Inventories, determine the value of cost of goods sold and closing inventory, applying the Weighted Average Cost Method. Show all workings
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