Store Ledger Card provided the following information for July: Date...
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Accounting
Store Ledger Card provided the following information for July:
Date
quantity
cost per item
1
50
2000
2
100
2500
9
50
2800
18
125
3000 (sales transaction)
20
85
3200
22
100
3400
27
150
2900 (sales transaction)
Determine the Cost of Sales, Cost of Closing Stock, Sales and Gross profit / loss under each of the following method by using perpetual inventory system, Cost are assigned on the basis of FIFO and Cost are assigned on the basis of Weighted Average.
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