FREE Trial
Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

c) Xplate Ltd. sells a particular item of stock which had the following movements during 20X2. th 4 February Purchase 40 @ Shs 100 th

image text in transcribed

c) Xplate Ltd. sells a particular item of stock which had the following movements during 20X2. th 4 February Purchase 40 @ Shs 100 th 6 March Purchase 20 @ Shs 120 th 8 May Sale 22 @ Shs 300 th 9 Oct Purchase 10 @ Shs 150 @ st 1 Dec Sale 35 @ Shs 280 Required: Calculate the value for closing stock assuming (a) FIFO is used (9 Marks) (b) LIFO is used (8 marks)

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

Whispers In The Auditing Room

Whispers In The Auditing Room

Authors: Azhar UL Haque

1st Edition

B0C63ZTK27, 979-8223789352

More Books

Students also viewed these Accounting questions

Question

★★★★★
A person wins the lottery the second time he plays. Does the value q = 0.001 for the probability of success lie within the 99% confidence limits? In the above situation, find the probability of a...

Answered: 1 week ago

Question

★★★★★
=+Describe three etiologies of motor speech disorders in adults and children.

Answered: 1 week ago

Question

★★★★★
43. Each day, one of n possible elements is requested, the ith one with probability Pi , i 1, n1 Pi = 1. These elements are at all times arranged in an ordered list that is revised as follows: The...

Answered: 1 week ago

Question

★★★★★
Iceland, Inc., is a fast-growing ice-cream maker. The company's new ice-cream flavor, Cherry Star, sells for $9 per pound. The standard monthly production level is 300,000 pounds, and the standard...

Answered: 1 week ago

Question

★★★★★
c) Xplate Ltd. sells a particular item of stock which had the following movements during 20X2. th 4 February Purchase 40 @ Shs 100 th 6 March Purchase 20 @ Shs 120 th 8 May Sale 22 @ Shs 300 th 9 Oct...

Answered: 1 week ago

Question

★★★★★
Which of the following the statements is considered of the Process Interventions? Positive management Consciousness raising None of the above Selection and Training

Answered: 1 week ago

Question

★★★★★
The growth of the coal mining industry in the US has been on a downward spiral over the last few years. How does this impact the competitive rivalry within the industry?

Answered: 1 week ago

Question

★★★★★
In two to three paragraphs use the examples in this module (Col Howard, LtCol Gadson, Flight 93, Heather Penney) to answer the following questions: 1. Does your sense of duty cr-eate your values or...

Answered: 1 week ago

Question

★★★★★
A disadvantage of small Latin squares designs is that they provide relatively small degrees of freedom, so , if tends to be desirable to replicate them to increase the error degrees of freedom?

Answered: 1 week ago

Question

★★★★★
3 . ) What is the time of completion, and why must it be clearly stated in the contract agreement provisions?

Answered: 1 week ago

Question

★★★★★
Let x represent the number of tails when a fair coin is flipped 100 times. a) Compute the distribution of x and represent it using a bar plot. b) Calculate the mean (expected value) and the standard...

Answered: 1 week ago

Question

★★★★★
As part of its long-range expansion and remodeling plan, Simpson Foods gathered input about the features/services its customers consider important in a grocery store. Data from 693 respondents...

Answered: 1 week ago

Question

★★★★★
The amount of work I am asked to do is reasonable.

Answered: 1 week ago

Question

★★★★★
The company encourages a balance between work and personal life.

Answered: 1 week ago

Previous Question Next Question