Question
Dischem (Pty) is a general dealer. Transactions recorded for the period are as follows: 2 March Opening inventory 100 units @N$5.00 per unit 5 March
Dischem (Pty) is a general dealer. Transactions recorded for the period are as follows: 2 March Opening inventory 100 units @N$5.00 per unit 5 March Received 120 units @N$5.75 per unit 6 March Received 180 units @N$6.00 per unit 7 March Issued 200 units 8 March Issued 150 units 9 March Return to supplier 20 units 10 March Issued 20 units The units returned to the supplier were units purchased on 6 March Required: Calculate the value of closing inventory, using the following inventory valuation methods: a) First in First Out (FIFO) b) Weighted Average (AVCO)
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