Spiritual Intercessors Ministry ( SIM ) Ltd sells A 4 sheets which are received from the wholesaler
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Question:
Spiritual Intercessors Ministry SIM Ltd sells A sheets which are received from the wholesaler at different prices. The company issues the A sheets directly from stores to customers. The following are the details of A sheets received and issued to customers during the month of December,
Date Receipts Issues
Dec. boxes at GHS each
Dec. boxes at GHS each
Dec. boxes at GHS each
Dec. boxes at GHS each
Dec. boxes at GHS each
Dec. boxes at GHS each
Dec. boxes at GHS each
Dec. boxes at GHS each
Stock was taken on nd December,
Required:
a Write up the store ledgers, and prepare a statement of gross profit under the following pricing methods:
i First in First Out FIFO
ii Last in First Out LIFO
b With the statements prepared in a above, outline two advantages and disadvantages each for valuing stock using the LIFO and the FIFO approaches.
Related Book For
Auditing and Assurance services an integrated approach
ISBN: 978-0132575959
14th Edition
Authors: Alvin a. arens, Randal j. elder, Mark s. Beasley
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