The following information relates to the inventory of a retailing business named Sports Ltd. during the month of October. Ignore GST.
|Units||Units cost ($)||Total cost ($)|
|5/10||Sales @ $250||180||?|
|12/10||Sales @ $250||165||?|
|20/10||Sales @ $250||170||?|
Sports Ltd uses the Perpetual Inventory System.
- Determine the Ending inventory and Cost of Sales for the month of October, using the average method.
- Contrast the Perpetual and Periodic Inventory systems.
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