You are presented with the following information for Trusty Limited: Required: Calculate the value of closing stock

Question:

You are presented with the following information for Trusty Limited:

Required:

Calculate the value of closing stock at 31 March 2016 using each of the following methods of pricing the issue of materials to production:

(a) FIFO (first-in, first-out)

(b) Continuous weighted average.

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Related Book For answer-question

Accounting For Non-Accounting Students

ISBN: 9781292128979

9th Edition

Authors: John R. Dyson, Ellie Franklin

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Question Posted: Oct 11, 2022 02:47 AM

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You are presented with the following information for Trusty Limited: Required: Calculate the value of closing stock

Question:

2016 1 January 31 January 1 February 28 February 1 March 31 March Purchases (units) 2 000 2 400 1 600 Unit cost £ 10 11 12 Issues to production (units) 1 600 2 600 1 000

Step by Step Answer:

a FIFO firstin firstout January 2000 units x 10 20000 February 2400 units x 11 26400 March 1600 unit...View the full answer

Accounting For Non-Accounting Students

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