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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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