The following information relates to item P003 stocked by 2015 products Ltd for the month of...
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The following information relates to item P003 stocked by 2015 products Ltd for the month of April 2015: Date April3 4 6 12 14 18 20 22 25 Receipts Units 2,400 2,600 3,000 2,800 2,600 Issues Units 3,200 2,700 2,200 3,800 Unit cost (Sh) 18 20 22 21 23 26 27 28 29 3,100 2,500 3,200 6,900 24 25 26 The closing balance for March 2015 was a batch of 3,000 units received at a unit price of Sh 19. Required: a) Stores perpetual inventory record for item P003 for May 2015 under LIFO system of stores issues. b) Closing stock valuation. (14 marks) (6 marks) The following information relates to item P003 stocked by 2015 products Ltd for the month of April 2015: Date April3 4 6 12 14 18 20 22 25 Receipts Units 2,400 2,600 3,000 2,800 2,600 Issues Units 3,200 2,700 2,200 3,800 Unit cost (Sh) 18 20 22 21 23 26 27 28 29 3,100 2,500 3,200 6,900 24 25 26 The closing balance for March 2015 was a batch of 3,000 units received at a unit price of Sh 19. Required: a) Stores perpetual inventory record for item P003 for May 2015 under LIFO system of stores issues. b) Closing stock valuation. (14 marks) (6 marks)
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Related Book For
Advanced Financial Accounting
ISBN: 978-0078025624
10th edition
Authors: Theodore E. Christensen, David M. Cottrell, Richard E. Baker
Posted Date:
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