Question
You work for a wholesale firm which distributes a single product. $57,600 is the value for opening inventory (1 Oct 2020). Closing inventory valuation conducted
You work for a wholesale firm which distributes a single product. $57,600 is the value for opening inventory (1 Oct 2020). Closing inventory valuation conducted on 31 October 2020, $80 640 Purchases during the month were: 9 October 1,140 units @ 145 each 15 October 1,310 units @ 150 each 24 October 620 units@ 155 each Sales during the month were: Date Number of items selling price per item $ 12 October 1,040 205 21 October 1,840 220 The other cost besides the purchases were: Wages of staff $44,700; Premises expenses $ 42,750; Administrative expenses $13,620; Selling and marketing costs $17,890; Carriage inwards $ 3,750; Carriage outwards $4,120 and Depreciation $11,250 What is the total value for purchases during the month of October 2020?
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started