Calculate by FIFO of inventory valuation the cost of goods sold and the value of ending inventory

Question:

Calculate by FIFO of inventory valuation the cost of goods sold and the value of ending inventory from the following data.

Date 2009 Unit Price per unit January 1 Opening Stock 1,500 Rs. 20/- each February 10 Purchased 750 Rs. 25/- each March 15 Purchased 600 Rs. 22/- each March 17 Sold 1,800 .........

April 01 Sold 750 .........

May 15 Purchased 600 Rs. 25/- each June 10 Sold 750 .........

[Ans.: Closing Balance 150 units, Rs. 3,750]

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Zero To Mastery In Accounting Become A High Level Accounting Manager

ISBN: 9789392475177

1st Edition

Authors: HECTOR ROBINETT

See More Books

Question Posted: Jul 19, 2024 07:03 PM

See More Questions

Hide Question Information On the exam and written homework include the function and graph as shown on the lecture notes. A distribution of values is normal with a mean of 97.8 and a standard...
A companys total sales (in millions of dollars) t months from now are given by (A) Find S' (t). (B) Find S(4) and S' (4) (to two decimal places). Write a brief verbal interpretation of these results....
Use cylindrical coordinates to evaluate the integral. (x- y) dV where E is the solid that lies between the cylinders x2 + y2 = 1 and x2 + y2 = 49, above the xy-plane, and below E the plane z = y + 7....
Match the phrase that follows with the term (a-e) it describes. estimates the number of units to be manufactured to meet sales and inventory levels integrated set of operating and financing budgets...
Multiple Choice Questions: 1. Which of the following functions is not compatible with managing the accounts receivable ledger? a. Opening the mail. b. Approving the write-off of bad debt. c....
56. Data: Marguerite, In(C), expects to sell 20,000 pool cues for 12.00 each. Direct materials costs are 2.00, direct manufacturing labor is 4.00, and manufacturing overhead is 0.80 per pool cue. The...
What were the major objectives of CEMEXs international acquisitions? Did CEMEX show any of the six biases identified in Ghemawat and Ghadars article? Did CEMEX pursue any of the alternative...
Refer to the situation described in BE108. Record the transaction if California Surf reissues the 100 shares of treasury stock at $40 per share. In BE108, California Surf Clothing Company issues...
Critically discuss how MNC s can adapt expatnate policies to shifting international migrant demographics.
Find out from the following data the cost of goods sold closing inventory and grass profit under the FIFO and LIFO methods of inventory valuation. January 1, 2010 Inventory 100 units @ 3/-each...
Weighted Average basis. [Ans.: (1) 5,000 (2) 4,000 (3) 4,700]
Find all real solutions. Check your results. 8x 4x1 3 3 + 2x + 12x - 1
Question 1 (Customer Dissatisfaction): Discuss one of your own experience when you believe the quality suffered at the service provider and you left as a highly dissatisfied customer. Question 2...
How do database administrators (DBAs) utilize performance monitoring and tuning techniques, such as query profiling, index optimization, and database partitioning, to optimize the performance and...
Consider an IT research company that wants to build a gamer app for Twitch users. What might be a reasonable business strategy, and how would IT Security strategies need to change?
Using course readings for the past four weeks, discuss about the role of the local, state, and/or federal government in the lives of American women. Historically, how has the institution helped women...
Using 7s framework, discuss whether or not the systems within L&T construction are aligned to organizational structure. Give suitable examples. How this affects the implementation of strategies....
The tip of one prong of a tuning fork undergoes SHM of frequency 1000 Hz and amplitude 0.40 mm. For this tip, what is the magnitude of the (a) Maximum acceleration, (b) Maximum velocity, (c)...
After graduating from college and working a few years at a small technology firm. Preet scored a high-level job in the logistics department at Amex Corporation. Amex sells high-quality electronic...
In 2012, the average credit-card debt per U.S. household was $15,374. Assume your debt is consolidated to one card, you make a payment of $5000 on Jan. 2nd, and your card has an APR of 1.5% a month....
Last year, you purchased 620 shares of Forever, Inc., stock at a price of $47.86 per share. You received $930 in dividends and a total of $34,280 when you sold the stock. What was the capital gains...
For our discussion this week, find information on a new technology that you think will impact auditing. Post a discussion item with the following: A description of the technology and what it does The...

Calculate by FIFO of inventory valuation the cost of goods sold and the value of ending inventory

Question:

Step by Step Answer:

Zero To Mastery In Accounting Become A High Level Accounting Manager

Students also viewed these Business questions