The stock movements of the company for October 2019 are as follows: 1 October 2019 per period
Question:
The stock movements of the company for October 2019 are as follows:
1 October 2019 per period 1,000 pieces of stock (unit cost 100 TL).
On October 3, 2019, 2,000 units were purchased at 120 TL. 12.000 TL was paid for the transportation.
On October 5, 2019, 1,500 units were sent to production.
100 of the stocks purchased on October 7, 2019 and October 3 were returned to the seller.
On 12 October 2019, 2,000 units were purchased for 130 TL.
On October 18, 2019, 2,400 units were purchased at 124 TL. 26.400 TL was paid for the transportation.
On 22 October 2019, 4,000 units were sent to production.
1,000 of the 4,000 units sent for production on 28 October 2019 were returned to the stock warehouse.
On October 26, 2019, 3,000 units were purchased at 132 TL.
Wanted:
a) Stock movements to the stock card using the Moving Weighted Average Method record the inventory cost used in production and the cost of inventory at the end of the period. calculate.
b) Weighted Average the cost of inventory used in production and the cost of inventory at the end of the period.
Calculate using the Intermittent Inventory Method with the Method.
Results found with the Continuous Inventory Method and the Intermittent Inventory Method
Explain why the results are the same or different by comparing them.
Intermediate Accounting IFRS
ISBN: 978-1119372936
3rd edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield