The following information relates to Steed Limited for the year to 31 May 2012: Sales ..................500000
Question:
The following information relates to Steed Limited for the year to 31 May 2012:
£
Sales ..................500000
Purchases ................440000
Opening stock ............... 40000
Closing stock value using the following pricing methods:
FIFO (first-in, first-out) ............ 90000
Continuous weighted average ......... 79950
Required:
Calculate Steed Limited’s gross profit for the year to 31 May 2012 using each of the above closing stock values.
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