A business has inventory of material A of 400 units valued at $2.20 per unit at...

   

 

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A business has inventory of material A of 400 units valued at $2.20 per unit at 1 September. During the month of September the movements of material A were as follows: 5 September 10 September Issue Receipt Issue 15 September 18 September Receipt 27 September Issue What is the value of the closing inventory using the FIFO method? A B C D $242 $251 $286 $297 250 units 500 units @ $2.50 per unit 340 units 400 units @ $2.70 per unit 600 units What is the value of issues using the LIFO method? A $2,913 B $2,924 C D $2,980 $2,968 A business has inventory of material A of 400 units valued at $2.20 per unit at 1 September. During the month of September the movements of material A were as follows: 5 September 10 September Issue Receipt Issue 15 September 18 September Receipt 27 September Issue What is the value of the closing inventory using the FIFO method? A B C D $242 $251 $286 $297 250 units 500 units @ $2.50 per unit 340 units 400 units @ $2.70 per unit 600 units What is the value of issues using the LIFO method? A $2,913 B $2,924 C D $2,980 $2,968

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The inventory is valued using various methods such as LIFO FIFO and average method Solution Part a I... View the full answer