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01/07/20x1 Opening balance 400 units @ $9.00 per unit 09/07/20x1 Sold to A. Gent 250 units 15/07/20x1 Purchased (B. Crew) 160 units @ $9.50 per
01/07/20x1 | Opening balance | 400 units @ $9.00 per unit |
09/07/20x1 | Sold to A. Gent | 250 units |
15/07/20x1 | Purchased (B. Crew) | 160 units @ $9.50 per unit |
21/07/20x1 | Sold | 100 units |
31/07/20x1 | Closing inventory on hand | 210 units |
a) value of inventory using Weighted average method and value of inventory using FIFO ( with explanation please)
b) Assuming the FIFO method of valuing inventory is used show the closing general journal entry required to record closing stock as per the stocktake into the accounts.
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