The following is a stock card for a company selling bags in May 2021: May Date...
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The following is a stock card for a company selling bags in May 2021: May Date 3 9 10 11 21 31 Units 30 45 Purchases 10 $/unit 4.00 3.20 5.00 . Units 25 14 12 Sales $/unit 6.00 6.50 6.60 Stock balance at the beginning of the month was 24 units at the cost of $3.00 per unit. REQUIRED: Using the First In, First Out (FIFO) method, perform calculations on the value of closing inventory as at 31 May 2021. b) Describe the following terms: 1) Last in, First Out (LIFO). ii) Average Cost (AVCO). The following is a stock card for a company selling bags in May 2021: May Date 3 9 10 11 21 31 Units 30 45 Purchases 10 $/unit 4.00 3.20 5.00 . Units 25 14 12 Sales $/unit 6.00 6.50 6.60 Stock balance at the beginning of the month was 24 units at the cost of $3.00 per unit. REQUIRED: Using the First In, First Out (FIFO) method, perform calculations on the value of closing inventory as at 31 May 2021. b) Describe the following terms: 1) Last in, First Out (LIFO). ii) Average Cost (AVCO).
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Answer rating: 100% (QA)
SOLUTION a To calculate the value of the closing inventory as of May 31 2021 using the First In First Out FIFO method we need to track the flow of uni... View the full answer
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date:
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