Question
Below is the inventory records for EMCO Trading for the year ended 31 October 2020. Bought Sold February 100 @ RM 15 each May 50
- Below is the inventory records for EMCO Trading for the year ended 31 October 2020.
|
| Bought | Sold |
| February | 100 @ RM 15 each |
|
| May | 50 @ RM 18 each |
|
| July |
| 80 @ RM 25 each |
| September | 50 @ RM 20 each |
|
| October |
| 70 @ RM 25 each |
Required:
Prepare the monthly inventory balances for EMCO Trading using the methods of :
- First In First Out (FIFO). (5 marks)
- Last In First Out (LIFO). (5 marks)
- Average Cost (AVCO). (5 marks)
Please type, not handwriting
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Financial Accounting and Reporting
Authors: Barry Elliott, Jamie Elliott
14th Edition
978-0273744535, 273744445, 273744534, 978-0273744443
