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You are given the following information in relation to the purchases and sales of inventory for the month of June 2021: (Note: Your company adopts
You are given the following information in relation to the purchases and sales of inventory for the month of June 2021: (Note: Your company adopts the perpetual inventory system). Required: (i) Write up the stores ledger card using the following inventory valuation method: (a) First-in, First-out; (b) Weighted average cost (using 2 decimal places). (ii) State the cost of goods sold for the sales during the month of June 2021 for each of the inventory valuation method. (iii) Prepare an Income Statement (extract), showing the values of sales, cost of sales and gross profit for each of the inventory valuation method
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