ABC Company Ltd uses the periodic inventory system. At 1 April 2016 the...
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ABC Company Ltd uses the periodic inventory system. At 1 April 2016 the company had 174 units as opening stock valued at $22 each. During the year ended 31 March 2017 the Company sold 2,785 units for $105,070. ABC Company made the following purchases during the year: 0 May 2016 31 August 2016 30 November 2016 28 February 2017 520* units for $23 each 420* units for $21 each 1,020* units for $24 each 1,020* units for $23 each At 31 March 2017 ABC Company Ltd had 369* units as closing stock. Required: Calculate the closing inventory, cost of sales and gross profit using the: method. (6.0 Marks) b) Weighted Average method 4.0 Marks)
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