At 31 July, L.I. Fortune Ltd had a stock of 40 litres of lifoxium, which had cost

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At 31 July, L.I. Fortune Ltd had a stock of 40 litres of lifoxium, which had cost $1.50 per litre. The purchases and sales of lifoxium in August were as follows.

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Calculate L.I. Fortune Ltd's stock of lifoxium at 31 August in quantity and value using the LIFO method.

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Accounting A Level And AS Level

ISBN: 9780521539937

1st Edition

Authors: Harold Randall

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Question Posted: Aug 28, 2023 01:52 PM

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At 31 July, L.I. Fortune Ltd had a stock of 40 litres of lifoxium, which had cost

Question:

August 5 12 14 18 19 23 25 27 30 31 Purchases litres 100 75 120 90 Price per litre $ 1.75 1.90 2.00 2.15 Sales litres 20 60 80 25 65 60

Step by Step Answer:

The LastIn FirstOut LIFO method assumes that the last unit entered in inventory will sold first It ...View the full answer

Accounting A Level And AS Level

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