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2. Vins Sdn Bhd produces one type of product using one type of material. Inventory is valued using weighted average cost (AVCO). The following purchases
2. Vins Sdn Bhd produces one type of product using one type of material. Inventory is valued using weighted average cost (AVCO). The following purchases and issues of material took place in October There was no opening inventory. Oct 1 Purchased 20 units at RM55 per kg 5 Purchased 15 units at RM49 per kg 10 Issued 12 units 13 Purchased 17 units at RM52 per kg 18 Issued 25 units 23 Purchased 28 units at RM50 per kg 27 Issued 30 units Required: Prepare the entries for this material in the Stores Ledger Record showing receipts, issues and balances (in quantity, price and total value): (a) First-in, First-out (FIFO) (b) Last-in, Last-out (LIFO) (c) Cumulative Weighted average (d) Periodic Weighted Average (6 marks) (6 marks)
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