(10 marks)

The accounting department of MNO Limited (MNO) provides two sets of data for June. The first data

relates to the purchase, and the second data relates to the sales.

Question 1

Table 1. The First Set of Data - Purchases

1st June

6th June

11th June

19th June

28th June

The following data relates to the sales:

ANSWER b:

1185 units @ 9

711 units @ 10

474 units @ 12

1185 units @11

158 units @ 13

Table 2. The Second Set of Data - Sales

9th June

237 units @ 13

14th June

1422 units @ 13

24th June

553 units @ 15

Required:

Based on the above information, calculate the following for the month of June 20X0:

a) Cost of goods sold (COGS)

(4 Marks)

ANSWER a: (answer box will enlarge as you enter your response)

b) cost of closing inventory

(3 Marks)