FNS40217 Certificate IV In Accounting And Bookkeeping - Assessment Activities Tasks

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Question 3

Good Life Cola Co. buys cola for resale. The company uses a periodic inventory system.

Stock purchases of cola for the month of September were as follows:

Date	Description	Quantity (litres)	Cost per Litre ($)
Sept 1	Opening stock	200,000	$1.10
Sept 13	Purchase	150,000	$1.40
Sept 21	Purchase	100,000	$1.50
Sept 29	Purchase	150,000	$1.60
Sept 30	Closing stock	160,000

Sales revenue for the month of September was $2,150,000.

Required:

Calculate the closing inventory balance using the weighted average cost method. (Show your workings.)
Complete the following Trading Statement for the month:

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FNS40217 Certificate IV In Accounting And Bookkeeping - Assessment Activities Tasks

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