FNS40217 Certificate IV in Accounting and Bookkeeping - Assessment Activities Tasks

Question 1

The following information is provided by a sole trader, Easy Pizza.

All information relates to September.

• Opening balance of inventory was $12,200.
• Purchases of inventory for the month was $7,920 including GST.
• Closing balance of inventory was $12,000.

Required: What is the value of the cost of goods sold? (Show your workings).