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Use the following information to answer questions 2 and 3 Lumley Pty Ltd has a perpetual inventory system and sells only one product. 80 items
Use the following information to answer questions 2 and 3 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: O a. $1,000 O b. $4,500 O c. $2.700 O d. $9,000 O e. 53,060 Assuming a FIFO system is used for inventory records, what was the cost of goods sold for the 28th June sale? Select one: O a. $9,000 O b. $3,060 O c. $2.900 O d. $3,100 O e. $2,400
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