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The following information relates to the inventory of a bookseller in the records of Bayside Books Ltd, a company registered for GST. All unit prices
The following information relates to the inventory of a bookseller in the records of Bayside Books Ltd, a company registered for GST. All unit prices below exclude GST. $272 = $396 July 1 Beginning inventory 8 @ $34 Aug. 14 Purchased 11 @ $36 Sept. 25 Sold 9 Jan. 8 Purchased 10 @ $38 March 3 Purchased 5 @ $40 April 13 Sold 11 June 10 Sold 3 = $380 $200 A. Using a periodic system and the weighted average method, calculate the cost of the items in inventory on 30 June and the cost of sales for the year. (Round answers to 2 decimal places, e.g. 52.75.) Ending inventory: Cost of sales
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