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Determine the cost of sales for the month of July

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Reference no: EM132853517

Question - Consider the following: Expected sales for July and August are $8,000 and $8,300 respectively.

Closing inventory must be 20% of expected sales requirements (at cost price) for the following month.

Opening inventory must be 20% of the expected sales requirements (at cost price) for the current month.

The goods are sold at a mark-up of 25% on cost. Ignore GST.

Required - Determine the cost of sales for the month of July?

a. $8,000

b. $10,000

c. $6,000

d. $6,400

Reference no: EM132853517

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