Andrew is the owner of York Trading and the entity sells leather shoes. The entity uses the perpetual inventory system and the weighted average cost allocation method to record inventory. The transactions for June 2022 are listed below: 1. On 1 June 2022 the entity had 12 pairs of shoes on hand at a cost of R400 each. 2. The sales assistant fitted a pair of shoes while Andrew was out of the shop and spilled red cooldrink over the shoes. The stains cannot be removed and the shoes can no longer be sold. 3. On 5 June 2022 York Trading purchased 25 pairs of shoes at R500 each on credit from Fergie. 4. Received R4 900 in cash for 7 pairs of shoes that were sold on 7 June 2022. 5. Andrew and his brothers needed new shoes for their grandmother's funeral and he took 3 pairs of shoes from the storeroom.

Andrew is the owner of York Trading and the entity sells leather shoes. The entity uses the perpetual inventory system and the weighted average cost allocation method to record inventory. The transactions for June 2022 are listed below: 1. On 1 June 2022 the entity had 12 pairs of shoes on hand at a cost of R400 each. 2. The sales assistant fitted a pair of shoes while Andrew was out of the shop and spilled red cooldrink over the shoes. The stains cannot be removed and the shoes can no longer be sold. 3. On 5 June 2022 York Trading purchased 25 pairs of shoes at R500 each on credit from Fergie. 4. Received R4 900 in cash for 7 pairs of shoes that were sold on 7 June 2022. 5. Andrew and his brothers needed new shoes for their grandmother's funeral and he took 3 pairs of shoes from the storeroom.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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