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7. Use the following information to calculate the value of closing inventory for the period ending March 2018 using the FIFO method. (10 marks) Date
7. Use the following information to calculate the value of closing inventory for the period ending March 2018 using the FIFO method. (10 marks)
Date Transaction
2 Purchase 100 items at P1 each
5 Purchase 150 items at P1.20 each
7 Sell 175 items at P2 each.
10 Purchase 120 items at P1.50 each.
12 Sell 45 items at P2.20 each.
20 Sell 130 items at P2.40 each.
29 Purchase 40 items P1.60 each.
31 Sell 45 items at P2.50 each.
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