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Question 5: (9 marks) The following is Grapevine's January inventory purchase and sale transactions. Grapevine uses a perpetual inventory system. Cost per 750 ml Bottle
Question 5: (9 marks) The following is Grapevine's January inventory purchase and sale transactions. Grapevine uses a perpetual inventory system. Cost per 750 ml Bottle $10 Selling price per 750 ml Bottle Qty 100 Date 1-Jan 12-Jan 15-Jan 16-Jan 25-Jan Transaction Beginning Inventory Purchase Sale Purchase Sale 500 400 $25 300 2 310 Required (parts a, b, c & d): Assume that Grapevine uses a weighted average inventory system. Compute Grapevine's ending inventory in dollars and units, cost of goods sold in dollars, and gross profit in dollars at January 31. a. Assume that Grapevine uses a FIFO inventory system. Compute Grapevine's ending inventory in units at January 31
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