At 31 July, L.I. Fortune Ltd had a stock of 40 litres of lifoxium, which had cost

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At 31 July, L.I. Fortune Ltd had a stock of 40 litres of lifoxium, which had cost $1.50 per litre. The purchases and sales of lifoxium in August were as follows.

Required

Calculate L.I. Fortune Ltd's stock of lifoxium at 31 August in quantity and value using the LIFO method.

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Accounting A Level And AS Level

ISBN: 9780521539937

1st Edition

Authors: Harold Randall

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Question Posted: Aug 28, 2023 01:52 PM

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Complete the table below, for the above transactions

At 31 July, L.I. Fortune Ltd had a stock of 40 litres of lifoxium, which had cost

Question:

August 5 12 14 18 19 23 25 27 30 31 Purchases litres 100 75 120 90 Price per litre $ 1.75 1.90 2.00 2.15 Sales litres 20 60 80 25 65 60

Step by Step Answer:

The LastIn FirstOut LIFO method assumes that the last unit entered in inventory will sold first It ...View the full answer

Accounting A Level And AS Level

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