Xtreme Limited uses a perpetual inventory system and applies the first-in-first-out (FIFO) method the valuation of...

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Xtreme Limited uses a perpetual inventory system and applies the first-in-first-out (FIFO) method the valuation of inventory. The following information relates to the month ending 30 April 2023: Date Transaction 3 April Purchase of 50 units at the total cost of R11 000 4 April Sale of 150 units 5 April Purchase of 100 units at the total cost of R21 000 7 April Sale of 80 units 8 April Sale of 60 units 10 April Returns by the customer of 10 excess units (returned in good condition) that were sold of the 7th April 13 April Purchase of 100 units at the total cost of R21 500 15 April Sale of 50 units 18 April Sale of 70 units The opening balance of inventory on the 1st of April was 200 units at the value of R40 000. REQUIRED: Calculate the value of closing inventory as at 30 April 2023. (25) Xtreme Limited uses a perpetual inventory system and applies the first-in-first-out (FIFO) method the valuation of inventory. The following information relates to the month ending 30 April 2023: Date Transaction 3 April Purchase of 50 units at the total cost of R11 000 4 April Sale of 150 units 5 April Purchase of 100 units at the total cost of R21 000 7 April Sale of 80 units 8 April Sale of 60 units 10 April Returns by the customer of 10 excess units (returned in good condition) that were sold of the 7th April 13 April Purchase of 100 units at the total cost of R21 500 15 April Sale of 50 units 18 April Sale of 70 units The opening balance of inventory on the 1st of April was 200 units at the value of R40 000. REQUIRED: Calculate the value of closing inventory as at 30 April 2023. (25)

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Xtreme Limited Closing Inventory Valuation FIFO Xtreme Limited uses a perpetual inventory system wit... View the full answer