11.7 Wensleydale Woollen Waistcoats Limited (WWW Ltd) buys in wool to manufacture into waistcoats on its weaving...
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11.7 Wensleydale Woollen Waistcoats Limited (WWW Ltd) buys in wool to manufacture into waistcoats on its weaving machines. The inventory card for wool code 78X4A shows the following movements in June 2012:
Date Activity Kg 1 June Balance of inventory @ £2 per kilo 38 2 June Issue to production (8)
6 June Delivery into inventory @ £2.10 per kilo 50 20 June Issue to production 40 There were no other transactions in the month.
What is the value of the issue to production on 20 June if WWW Ltd uses the AVCO inventory valuation convention?
a) £82.50
b) £84.00
c) £80.00
d) £81.00.
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