You are presented with the following information for Trusty Limited: Required: Calculate the value of closing stock
Question:
You are presented with the following information for Trusty Limited:
Required:
Calculate the value of closing stock at 31 March 2016 using each of the following methods of pricing the issue of materials to production:
(a) FIFO (first-in, first-out)
(b) Continuous weighted average.
Transcribed Image Text:
2016 1 January 31 January 1 February 28 February 1 March 31 March Purchases (units) 2 000 2 400 1 600 Unit cost £ 10 11 12 Issues to production (units) 1 600 2 600 1 000
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 66% (6 reviews)
a FIFO firstin firstout January 2000 units x 10 20000 February 2400 units x 11 26400 March 1600 unit...View the full answer
Answered By
Hafiz Muhammad Safdar Ali
I have been a tutor for the past 5 years. I have experience working with students in a variety of subject areas, including computer science, math, science, English, and history. I have also worked with students of all ages, from elementary school to college. In addition to my tutoring experience, I have a degree in education from a top university. This has given me a strong foundation in child development and learning theories, which I use to inform my tutoring practices.
I am patient and adaptable, and I work to create a positive and supportive learning environment for my students. I believe that all students have the ability to succeed, and it is my job to help them find and develop their strengths. I am confident in my ability to tutor students and help them achieve their academic goals.
0.00
0 Reviews
10+ Question Solved
Related Book For
Accounting For Non-Accounting Students
ISBN: 9781292128979
9th Edition
Authors: John R. Dyson, Ellie Franklin
Question Posted:
Students also viewed these Business questions
-
You are presented with the following information for Trusty Limited: There was no opening stock. Required: Calculate the value of closing stock at 31 March 2011 using each of the following methods of...
-
You are presented with the following information Starter Profit and loss account for the year to 31 March 2012 Sales 10000 Purchases 5000 Less Closing stock 1000 4000 Gross profit 6000 Less...
-
You are presented with the following information for Duncan Limited: Budgeted production: 1000 units. Actual production: 1200 units. Standard specification for one unit: 10 hours at 8 per direct...
-
Jorge has investments in two limited partnerships, both of which constitute passive activities. This year, Jorges distributive share of income or loss from each partnership is as follows: In addition...
-
A researcher claims that the standard deviation of the life of a certain type of lawn mower is at most 2.8 years. Determine whether the claim represents the null hypothesis or the alternative...
-
H.J. Heinz Company uses standards to control its materials costs. Assume that a batch of ketchup (1,500 pounds) has the following standards: The actual materials in a batch may vary from the standard...
-
How to draft a statement of fact for complaints?
-
Epstein Engineering Inc. began operations on January 5, 2014, with the issuance of 500,000 shares of $80 par common stock . The sole stockholders of Epstein Engineering Inc. are Barb Abrams and Dr....
-
Based on your best understanding at this point, you will prepare a consolidated balance sheet, statement of cash flows, and income statement for the first year. Explain your pro forma statements in...
-
Having mastered the principles of normalization described in Chapter 4, you recognize immediately that the star schema you developed for Millennium College (Problem and Exercise 4-30) is not in third...
-
Why should management accountants be aware of the behavioural impact of information supply?
-
To what extent are management accountants involved in auditing?
-
What is business logic?
-
Starlight Dancing specializes in dance lessons for senior citizens. The dance studio employs four dance Instructors. One instructor also fills the role of location manager and is paid a salary of...
-
The EOQ of GP Wholesalers is 5.000 units. The purchase price is RS per unit and the selling price is R12 per unit. A quantity discount of 5% is applicable if 6 000 units are purchased. How much is...
-
1. Consider the "assets" being sold in each of these two auctions: How are they similar? How are they different? More specifically, to what extent is there a common value element in each auction? To...
-
Stealth bombers cruise at an altitude of 1 5 , 0 0 0 meters ( 5 0 , 0 0 0 feet ) where the air temperature is - 6 0 . 0 degrees C . What is the \"speed limit \" of a stealth bomber if we assume they...
-
New Morning Bakery is in the process of closing its operations. It sold its two-year-old bakery ovens to Great Harvest Bakery for $600,000. The ovens originally cost $800,000, had an estimated...
-
Find adj A. If 303
-
State whether each of the following will increase or decrease the power of a one-way between-subjects ANOVA. (a) The effect size increases. (b) Mean square error decreases. (c) Mean square between...
-
If a firm were interested in estimating sand and clay production in Georgia, how could it proceed? Be specific.
-
Explain why a company might want to do focus group interviews rather than individual interviews with the same people.
-
Distinguish between qualitative and quantitative approaches to researchand give some of the key advantages and limitations of each approach.
-
Curl Up & Dye, Inc. began May with $200 of supplies. It purchased $830 of supplies on account during May. It paid $440 of the amount it owed for its supplies in May. At May 31, it only had $200 of...
-
Where do traditional Waterfall approaches work effectively? Detailed explanations and site examples.
-
The accounting records for a restaurant indicate that food sales were $18,000, food used was $5,800, and employee meals at cost were $50. What is the cost of sales?
Study smarter with the SolutionInn App