From the following figures calculate the closing stock in trade that would be shown using (i) FIFO, (ii) LIFO, (iii) AVCO methods on a perpetual inventory basis January April October Bought 120 at 16 each 80 at 18 each 150 at 19 each June November Sold 125 at 22 each 210 at 25 each...

To calculate the closing stockintrade using the FIFO LIFO and AVCO methods on a perpetual inventory ...

From the following figures calculate the closing stock-in-trade that would be shown using (i) FIFO, (ii) LIFO,

Question:

From the following figures calculate the closing stock-in-trade that would be shown using

(i) FIFO,

(ii) LIFO,

(iii) AVCO methods on a perpetual inventory basis.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Frank Woods Business Accounting Volume 1

ISBN: 9780273681496

10th Edition

Authors: Frank Wood, Alan Sangster

See More Books

Question Posted: Aug 19, 2023 06:09 AM

See More Questions

Q) The following are the transactions of ABC Ltd. Based on the following transactions prepare journal entries. 2018 April 2 Started business with Rs 1,00,000: paid into Bank Rs. 50,000 3 Bought...
From the following figures calculate the closing stock in trade that would be shown using (i) FIFO, (ii) LIFO, (iii) AVCO methods. March September Bought 100 at 16 each 220 at 19 each December Sold...
Draw up trading accounts using each of the three methods from the details in question 29.3A. Data from question 29.3: From the following figures calculate the closing stock-in-trade that would be...
Episode 1: A New War Begines Vanderbilt How did Vanderbilts upbringing affect his business attitudes? Which product Vanderbilt decided to sell, as he knew good entrepreneur find something that...
What are CAATs and techniques?
What are the differences between a cap, a floor, and a collar? When would a firm enter any of these derivative security positions?
What is meant by presentation currency?
The Economic Policy Institute periodically issues reports on wages of entry-level workers. The institute reported that entry-level wages for male college graduates were $21.68 per hour and for female...
With the evolution of operating systems in mind, I think it would be interesting to hear of your own experiences with operating systems. Share your experiences with us by engaging in a conversation...
The sixth formers at the Broadway School run a tuck shop business. They began trading on 1 December 20X9 and sell two types of chocolate bar, Break and Brunch. Their starting capital was a 200 loan...
For question 29.1 draw up the trading account for the year showing the gross profits that would have been reported using (i) FIFO, (ii) LIFO, (iii) AVCO methods. Data from question 29.1 From the...
1. Explain the difference between maximum voltage and instantaneous voltage. 2. Explain how power in an ac circuit is related to voltage and current. 3. Explain how power in an ac circuit is related...
explain what you found interesting or challenging from the passage "American adults have fewer close friends, spend less time with others, and feel more disconnected today than they did a generation...
4.. What are the benefits to companies of moving beyond compliance and developing more sustainable methods of fracking? Hydraulic FracturingCan the Environmental Impacts Be Reduced
What difficulties do you find that there may be when carrying out an HR audit? Explain
Businesses often use language that needs to be simplified. Having instructions in plain language can make your overall communication more effective. In this discussion forum, I would like you to find...
According to Cappelli (2019), employers continue to hire external candidates at a high rate. He strongly recommends that organizations engage in more internal recruitment. Name one reason that he...
List and briefly define five different categories of synchronization granularity.
The water in tank A is at 270 F with quality of 10% and mass 1 lbm. It is connected to a piston/cylinder holding constant pressure of 40 psia initially with 1 lbm water at 700 F. The valve is opened,...
The following sales and purchases were made by J Flan Ltd during the month of May 20X6. Enter up the Sales and Purchases Day Books, Sales and Purchases Ledgers and the General Ledger for the month of...
On 1 May 20X7, F Marr Ltd, 2 Frank Lane, Manchester, sold the following goods on credit to M Low & Son, Byron Golf Club, Cheesham, Notts: Order No A/496 3 sets Tiger Gold golf clubs at 810 per set....
The following sales have been made by F Rae Ltd during the month of June 20X9. All the figures are shown net after deducting trade discount, but before adding VAT at the rate of 10%. You are required...
Discuss the implications of fintech regulation and regulatory sandboxes for promoting innovation, competition, and consumer protection in the financial services industry. How do regulatory sandboxes...
Evaluate the role of shadow banking institutions in the global financial system and their implications for financial stability and regulatory oversight. How do shadow banking activities, such as...
In addition to making changes to capital adequacy ratios, BASEL III also implemented new liquidity regulations on FIs for the first time. What was Australia's initial solution to meeting the...

From the following figures calculate the closing stock-in-trade that would be shown using (i) FIFO, (ii) LIFO,

Question:

January April October Bought 120 at £16 each 80 at £18 each 150 at £19 each June November Sold 125 at £22 each 210 at £25 each

Step by Step Answer:

To calculate the closing stockintrade using the FIFO LIFO and AVCO methods on a perpetual inventory ...View the full answer

Frank Woods Business Accounting Volume 1

Students also viewed these Business questions