FNS40217 Assessment Question On Certificate IV In Accounting And Bookkeeping

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Question 3

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.

Required:

  1. Calculate the closing inventory balance using the weighted average cost method. (Show your workings.)
  2. Complete the following Trading Statement for the month:

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