Question: Using the last in first out method, (LIFO) , prepare : a) stores ledger card for product JL.-40 for the month of September 2018 b)

Using the last in first out method, (LIFO) , prepare :

Using the last in first out method, (LIFO) , prepare : a) stores ledger card for product JL.-40 for the month of September 2018 b) income statement for product JL.-40 for the month ended 30th September 2018

(a) XYZ Ltd. deals in the purchase and sale of hardware products. The company recorded the following transactions in relation to product JL-40 during the month of September 2018 Date Purchases Sales Quantity (Units) Sh. per unit Quantity (Units) Sh. per unit September 2 10,000 30.00 4 6,000 32.00 7 10,000 40.00 12 8,000 31.00 15 3,000 42.00 17 6,000 41.00 24 10.000 28.00 28 30.50 29 9.000 40.00 30 5.000 40.50 Additional information: 1. The opening stock of product JL-40 on 1 September 2018 comprised 7,000 units purchased at a cost of Sh.27 per unit 2. On 9 September 2018, the company reported a shortage of 400 units. 3. On 20 September 2018, 1,000 units sold on 15 September 2018 were returned by a customer. 4. Operating expenses for the month of September 2018 amounted to Sh.250,000. 5,000

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