Nutration Company is a retail company that purchases beef from oversea and sell to the local...
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Nutration Company is a retail company that purchases beef from oversea and sell to the local customer. On the 1st August 2021, the company had stock of 50kg of beefs worth RM150 per kg. The following were transactions carried out by the company until 31st August 2021. August 2021 2 5 12 30kg 60kg @ RM160 10kg 80kg 5kg 120kg @ RM220 100kg On 31st August 2021, physical stock count showed a balance of 15kg in the store. Required: a) FIFO b) LIFO c) Weighted Average Method (AVCO) 15 22 26 29 Issued Receipt Returned to store (issued on 2nd August) Issued Return to supplier (purchased on 5th Aug) Receipt Issued Nutration Company is a retail company that purchases beef from oversea and sell to the local customer. On the 1st August 2021, the company had stock of 50kg of beefs worth RM150 per kg. The following were transactions carried out by the company until 31st August 2021. August 2021 2 5 12 30kg 60kg @ RM160 10kg 80kg 5kg 120kg @ RM220 100kg On 31st August 2021, physical stock count showed a balance of 15kg in the store. Required: a) FIFO b) LIFO c) Weighted Average Method (AVCO) 15 22 26 29 Issued Receipt Returned to store (issued on 2nd August) Issued Return to supplier (purchased on 5th Aug) Receipt Issued
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Answer rating: 100% (QA)
a FIFO FirstInFirstOut Issued 30kg August 2 Remaining stock 20kg RM150kg Receipt 60kg RM160 August 5 ... View the full answer
Related Book For
Financial Accounting
ISBN: 978-1259914898
5th edition
Authors: David Spiceland, Wayne M. Thomas, Don Herrmann
Posted Date:
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