Solution-Develop an inventory card and calculate cost of

Develop an inventory card and calculate cost of goods sold

Reference no: EM132837195

Question - The following transactions occurred in relation to the widget inventory of Hackack Ltd during the month of July.

July 1 Began operations by purchasing 300 widgets for $6.00 each

July 12 Sold 200 widgets for $12.00 each

July 13 Bought 500 widgets for $5.00 each

July 20 Sold 400 widgets for $10.00 each on credit

July 24 Bought a further 200 widgets at $4.00 each

July 29 Sold 250 widgets at $10.00 each

Required -

a) Assuming a perpetual inventory system is employed, develop an inventory card and calculate the Cost of Goods Sold (COGS) and the ending inventory.

b) Calculate the gross profit.

c) Record the journal entry for the sales on 20 July.

Reference no: EM132837195

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Develop an inventory card and calculate cost of goods sold

Reference no: EM132837195

Reference no: EM132837195

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