QUESTION 2 2.1 REQUIRED (20 MARKS) Use the information given below to calculate the net value...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
QUESTION 2 2.1 REQUIRED (20 MARKS) Use the information given below to calculate the net value of issues to production for May 2023 and value of closing inventory as at 31 May 2023 using the following methods of inventory valuation: 2.1.1 First-in-first-out (5 marks) 2.1.2 Last-in-first-out (5 marks) 2.1.3 Weighted average cost. (Express the average cost per unit in rands and cents.) (5 marks) INFORMATION The following information for May 2023 was extracted from the records of Kens Limited, a manufacturing company, for a component used in production: Date Transaction details 01 Opening inventory: 3 000 units at R17 each Purchased from a supplier: 46 000 units at R18 each 03 16 37 000 units at R19 each 23 15 000 units at R20 each Returned to the supplier: 04 1000 damaged units (purchased 03 May) Transferred to the production department: 80 000 units during May 2023 QUESTION 2 2.1 REQUIRED (20 MARKS) Use the information given below to calculate the net value of issues to production for May 2023 and value of closing inventory as at 31 May 2023 using the following methods of inventory valuation: 2.1.1 First-in-first-out (5 marks) 2.1.2 Last-in-first-out (5 marks) 2.1.3 Weighted average cost. (Express the average cost per unit in rands and cents.) (5 marks) INFORMATION The following information for May 2023 was extracted from the records of Kens Limited, a manufacturing company, for a component used in production: Date Transaction details 01 Opening inventory: 3 000 units at R17 each Purchased from a supplier: 46 000 units at R18 each 03 16 37 000 units at R19 each 23 15 000 units at R20 each Returned to the supplier: 04 1000 damaged units (purchased 03 May) Transferred to the production department: 80 000 units during May 2023
Expert Answer:
Posted Date:
Students also viewed these accounting questions
-
A dam across a Maine river is going to be dismantled. Its original dimensions above the water on the downriver side of the dam are shown below. On the upriver side of the dam, the water level reaches...
-
What types of information need to be disclosed to offerees under Reg D?
-
Should the results of inconclusive audit tests be included in audit work-papers? Defend your answer.
-
General Mills, Inc. The fiscal year 2017 annual report of General Mills, Inc. is available on this book's Website. Required a. Calculate (or identify) the following financial ratios for 2016 and...
-
If Soule Company had net income of $585,000 in 2011 and it experienced a 30% increase in net income over 2010, what was its 2010 net income?
-
a) If a semi-annual coupon bond of 15 years pays a 8.1% coupon, has a face value of GH 1,000 and the discount rate is 11.1%, compute its current price. (b) Common shares of J. Industries ltd. will...
-
A psychiatric researcher wishes to evaluate a new diagnostic instrument for psychotic illness. The test is comprised of 20 questions regarding individual psychiatric symptoms. A positive test is one...
-
Determine the derivative using basic differentiation laws: h(m) - em - me +e+ 5-In(11m) h' (m) - sin (a)
-
Answer the following questions based on the chart on the next page. Identify your selected aircraft by case number (CC-AR6-1, CC-AR6-2, etc.). Note that there is more than one good answer for each...
-
Identify at least two of the common problems that are associated with managing virtual teams. After identifying the problems, describe a team-building method that could be applied to each situation.
-
Solve V u = 0, 0 < x < 1, 0 < y < 1, - ur(0, y) = 0, ur(1, gy)=0, 0 < y <1, x uy(2,0) = 4 cos(x), Uy(x, 1) = 0, 0 < x < 1.
-
a) vividly Explains what are some of common barriers to employee's engagement with security initiatives and how can these barriers be overcome? b) Explain, what are some of the best practices are for...
-
Firms A and B both operate under duopolistic competition with constant marginal costs of 2. The demand function of the market is Q = 300 - 25P. a. b. C. Assume first that firm A and B are aware of...
-
What will be the final value of DI after executing the following piece of code? Execute the instructions dependently one after another. CLD MOU CX,OFOH MOU AX.02874H MOU DI,01000H MOU ES, DI SUB...
-
Construct simulation algorithms for the following distributions: (a) The weib (a, \(\lambda\) ) distribution, with cdf \(F(x)=1-\mathrm{e}^{-(\lambda x) \alpha}, x \geqslant 0\), where \(\lambda>0\)...
-
Write a program that generates and displays 100 random vectors that are uniformly distributed within the ellipse \[ 5 x^{2}+21 x y+25 y^{2}=9 \] [Hint: Consider generating uniformly distributed...
-
Let \([X, Y]^{\top}\) be uniformly distributed on the triangle with corners \((0,0),(1,2)\), and \((-1,1)\). Give the distribution of \([U, V]^{\top}\) defined by the linear transformation \[...
Study smarter with the SolutionInn App