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calculate LIFO, FIFO, Weighted average and FEFO and explain which one of the 4 can be recommended a) Afrox Ltd Zambia import one of their

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calculate LIFO, FIFO, Weighted average and FEFO and explain which one of the 4 can be recommended

a) Afrox Ltd Zambia import one of their main raw materials from the United States. The company is invoiced in kwacha but the stores ledger accounts are maintained in US$. The opening balance of 1,000 kilos (BBD 12.12.20] was purchased at K372 per kilo when the exchange rate was a dollar to the K18.6. 1st May received 2,000 kilos (BBD 01.10.20] @ K391.2 per kilo -exchange K19.56 to $ 3rd May issued 1,500 kilos 5th May issued 500 kilos 8th May received 2,000 kilos[BBD 06.09.211 @ K388 per kilo -exchange K15.52 per $ 10th May issued 1,000 kilos 15th May received 1,000 kilos(BBD20.09.19] @ K257.89 per kilo -exchange K12.58 per $ 18th May issued 1,900 kilos 22nd May received 1,500 kilos(BBD15.12.211 @ K466.8 per kilo -exchange K13.56 per $ 24th May issued 1,800 kilos 29th May received 1,000 kilos(BBD10.02.25] @ K204.146 per kilo -exchange K9.91 per $ 30th May received 1500 kilos (BBD21.01.211 @ K333.18 per kilo -exchange K18.51 per $ 30st May issued 2,000 kilos 31st May issued 1,200 kilos i. Required: You have been requested to prepare valuations for each issue and for closing stock using four different valuation methods (LIFO, FIFO, Weighted average and FEFO) [24 Marks] ii. Which one would you recommend and why? [1 Mark] Total (25 Marks]

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