The following are the details of the spare parts of an Oil Mill: Opening Inventory Nil...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
The following are the details of the spare parts of an Oil Mill: Opening Inventory Nil Purchases 10 units @ 300 per unit 5 units 1-1-2021 1-1-2021, 15-1-2021 Issued for consumption 1-2-2021 Purchases 15-2-2021 Issued for consumption 20-2-2021 Issued for consumption 20 units @400 per unit 10 units 10 units Find out the value of Inventory as on 31.3.2021, if the company follows Weighted Average Method. (4 Marks) The following are the details of the spare parts of an Oil Mill: Opening Inventory Nil Purchases 10 units @ 300 per unit 5 units 1-1-2021 1-1-2021, 15-1-2021 Issued for consumption 1-2-2021 Purchases 15-2-2021 Issued for consumption 20-2-2021 Issued for consumption 20 units @400 per unit 10 units 10 units Find out the value of Inventory as on 31.3.2021, if the company follows Weighted Average Method. (4 Marks)
Expert Answer:
Related Book For
Fundamental Accounting Principles
ISBN: 978-0078110870
20th Edition
Authors: John J. Wild, Ken W. Shaw, Barbara Chiappetta
Posted Date:
Students also viewed these accounting questions
-
Read the case study "Southwest Airlines," found in Part 2 of your textbook. Review the "Guide to Case Analysis" found on pp. CA1 - CA11 of your textbook. (This guide follows the last case in the...
-
Managing Scope Changes Case Study Scope changes on a project can occur regardless of how well the project is planned or executed. Scope changes can be the result of something that was omitted during...
-
You are the auditor of Prospecting (Pty) Ltd. The company owns the right to prospect for minerals on various properties. Prospecting (Pty) Ltd holds significant quantities of spare parts in stock of...
-
AASB 102 prohibits the use of the LIFO method. What is the argument against the use of LIFO?
-
The following selected information was taken from the financial statements of Krispy Kreme Doughnuts, Inc. Note 10. Lease Commitments The Company conducts some of its operations from leased...
-
Calculate the present value of the following cash flows: 1. A fifteen year annuity of $\$ 300$ starting at once. Interest rates are $6 \%$. 2. A perpetuity of $\$ 33,000$ commencing immediately....
-
Derive the kinematic and dynamic conditions needed in the analysis. Set up the equations to find the constants. Now require that the determinant of the coefficient matrix should be zero to obtain a...
-
Obtain an estimate of the integral from Prob. 22.1, but using two-, three-, and four point Gauss-Legendre formulas. Compute t for each case on the basis of the analytical solution.
-
Write a Brute force algorithm to find all the common elements in two lists of integer numbers. (e.g., the output for the lists [1, 3, 4, 7] and [1, 2, 3, 4, 5, 6] should be 1, 3, 4). Show the time...
-
The NCAA is making plans for distributing tickets to the upcoming regional basketball championships. Up to 10,000 available seats will be divided between the media, the competing universities, and...
-
Which of the following is (are) true about user-level threads(ULT) and kernel-level threads (KLT)? a. In many-to-one mapping, a user thread cannot take advantageof multiprocessing or multithreading....
-
How the interval convergence using ratio and root test. 0-1 1 + n ) . X
-
Solve the Following: Given f: WIR Define n2"-1 fn (w) = [ 2 (w/w) ) +n1(w//(w)n) k=0 1. Show fn is a simple function 2. Show that these sets form a partition of
-
We want to find integer solutions to a'+b' =9c'. First, we divide both sides by c and let x=a/c and y=b/c. What equation do we obtain? Note that we will be looking for rational solutions to this new...
-
After several years of designing and selling her own stationery, Susan has decided to expand her stationery company by moving into a large building and hiring staff. Operating under the banner of...
-
The o matrix is defined by: (i) Prove the relation Ox with A2+ = 1. 01 = - (11) eiad = I cos a + io sin a where I is the 2 x 2 unit matrix. (ii) Find an analogous relation for the matrix oy defined...
-
Northern Apparel Inc. is thinking of making a specialty parka for children. The initial research has determined that the parka could sell for $195. Fixed manufacturing overhead is $140,000 per month....
-
Draw the appropriate control flow graph of the given pseudocode.Make sure to only use one number for blocks of code which are all sequential and when the first line is executed, all of those lines...
-
Part 1. Gibbs, Mier, and Hill are partners and share income and loss in a 5:1:4 ratio. The partnerships capital balances are as follows: Gibbs, $303,000; Mier, $74,000; and Hill, $223,000. Gibbs...
-
Prepare the journal entry to record Channel One Companys issuance of 100,000 shares of $0.50 par value common stock assuming the shares sell for: a. $0.50 cash per share. b. $2 cash per share.
-
Bethel Company owns a machine that can produce two specialized products. Production time for Product TLX is two units per hour and for Product MTV is five units per hour. The machines capacity is...
-
The suitability concern discussed by Kroll and Park most likely deals with: A. governance. B. transparency. C. investment horizon. Kevin Kroll is the chair of the investment committee responsible for...
-
Which of Parks statements regarding the asset allocation approaches is correct? A. Only Statement 3 B. Only Statement 4 C. Both Statement 3 and Statement 4 Kevin Kroll is the chair of the investment...
-
Based on the forecasted environment, liquidity planning should take into account that general partners may: A. call capital at a slower pace. B. make distributions at a faster pace. C. exercise an...
Study smarter with the SolutionInn App