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ABC Corp. had the following inventory transactions for the month of December 20X5:
Date Transaction type Amount (units) Price per unit
Dec. 1 Opening balance 400 $5.12
Dec. 3 Purchase 1,100 $5.23
Dec. 15 Purchase 900 $5.48
Dec. 22 Purchase 250 $5.66
Dec. 2 Sale 300 $6.50
Dec. 6 Sale 800 $6.50
Dec. 18 Sale 700 $8.00
Dec. 25 Sale 150 $8.00
Question 1: What is the value of the inventory held by ABC as at December 31, 20X5, if the company values its inventory using the weighted average cost formula and uses a perpetual inventory system?
Round all calculations to two significant decimal places, for example, $5.66.
a) $ 3,735
b) $ 3,834
c) $ 3,881
d) $10,314
Explain how Alpine Ltd would account for the revenue associated with this transaction in accordance with the requirements of AASB 15 'Revenue'.
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