During 20X9 the following inventory of XYZ was acquired and used by Degrees. There was no opening
Question:
During 20X9 the following inventory of XYZ was acquired and used by Degrees.
There was no opening inventory of XYZ.
Required:
Using the FIFO method, calculate the closing inventory of XYZ for inclusion in the 20X9 financial statements of Degrees.
Transcribed Image Text:
Date 1 Jan 1 April 1 May 1 July 30 Sept 31 Oct 15 Dec Purchases Issue to production Purchases Purchases Issue to production Issue to production Purchases Units 2,000 800 1,000 400 2,400 200 1,000 Price £200 per unit £240 per unit £160 per unit £180 per unit
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Related Book For
International Financial Reporting And Analysis
ISBN: 9781473766853
8th Edition
Authors: David Alexander, Ann Jorissen, Martin Hoogendoorn
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