A business has bought and sold identical items of inventory during 2016 as follows: 1/7/16 Balance...
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A business has bought and sold identical items of inventory during 2016 as follows: 1/7/16 Balance 1 000 units @ N$10 each 3/7/16 Bought 1000 units @ N$16 each 5/7/16 Sold 1 200 units @ N$20 each Required: 1. Determine the average price of closing inventory on the 3 July 2016 using the Weighted Average Cost (WACO) method of inventory valuation. (3) 2. Determine the value of closing inventory 5 July 2016 using the (WACO) method of inventory valuation. (3) 3. Determine the value of closing inventory 5 July 2016 using the First in, First out (FIFO) cost method. (3) A business has bought and sold identical items of inventory during 2016 as follows: 1/7/16 Balance 1 000 units @ N$10 each 3/7/16 Bought 1000 units @ N$16 each 5/7/16 Sold 1 200 units @ N$20 each Required: 1. Determine the average price of closing inventory on the 3 July 2016 using the Weighted Average Cost (WACO) method of inventory valuation. (3) 2. Determine the value of closing inventory 5 July 2016 using the (WACO) method of inventory valuation. (3) 3. Determine the value of closing inventory 5 July 2016 using the First in, First out (FIFO) cost method. (3)
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Related Book For
Auditing and Assurance Services An Applied Approach
ISBN: 978-0073404004
1st edition
Authors: Iris Stuart
Posted Date:
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