Question
On 1 January 2021, HK Trading commenced a retail business, which buys and sells fuel. He started the business by purchasing 9013 liters of fuel.
On 1 January 2021, HK Trading commenced a retail business, which buys and sells fuel. He started the business by purchasing 9013 liters of fuel. The fuel was purchased at a cost of $4.3 per litre. During the year, all the fuel was sold for $8.8 per litre. By the end of the year, the cost of the fuel was $8.9 per litre.
Required
What is the current cost of goods sold?
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Financial Accounting
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso, J. Mather
8th Edition
0470929383, 978-0470929384
