Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

1.1 REQUIRED Use the first-in-first-out (FIFO) method to complete the table provided below for the stated transactions. (4 marks) INFORMATION The following transactions of Max

image text in transcribed
image text in transcribed
1.1 REQUIRED Use the first-in-first-out (FIFO) method to complete the table provided below for the stated transactions. (4 marks) INFORMATION The following transactions of Max Enterprises took place during August 2022 in respect of a component used in production: Date Transactions 01 Opening inventory 180 units @ R10 per unit 07 Purchased from a supplier 900 units @ R11 per unit 15 Issued to production 630 units 24 Purchased from a supplier 540 units @ R12 per unit 27 Returned to the supplier (see 24th) 100 units 30 Issued to production 600 units Table to complete: Purchases Issues and returns Balance Date Quantity Price Amount Quantity Price Amount Quantity Price Amount 1.2 REQUIRED Use the information provided below to calculate the amount earned by Joan on 19 July 2022. (4 marks) INFORMATION Joan's normal wage is R360 per hour and her normal working day is 8 hours. The standard production time for each employee is 10 minutes per unit. On 19 July 2022, Joan's production was 60 units. Using the Halsey bonus system, a bonus of 50% of the time saved is given to Joan

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Microeconomics An Intuitive Approach with Calculus

Authors: Thomas Nechyba

1st edition

538453257, 978-0538453257

Students also viewed these Accounting questions