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Good Life Cola Co. buys cola for resale. The company uses a periodic inventory system.
Stock purchases of cola for the month of September were as follows:
Date | Description | Quantity (litres) | Cost per Litre ($) |
Sept 1 | Opening stock | 200,000 | $1.10 |
Sept 13 | Purchase | 150,000 | $1.40 |
Sept 21 | Purchase | 100,000 | $1.50 |
Sept 29 | Purchase | 150,000 | $1.60 |
Sept 30 | Closing stock | 160,000 |
Sales revenue for the month of September was $2,150,000.
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