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Elizabeth Warden is a retailer of makeup in Johannesburg. Elizabeth Warden uses a perpetual inventory system. The company recorded the following purchases and sales
Elizabeth Warden is a retailer of makeup in Johannesburg. Elizabeth Warden uses a perpetual inventory system. The company recorded the following purchases and sales in respect of their cherry blossom lip gloss line in the month of June 2022: There were 1700 lip-glosses at R146 200 available on 31 May 2022. Price (price/unit) Date Detail Quantity (units) 2 Purchases 450 85 10 Sold 1700 Purchases 500 87 25 Returned to supplier (Purchased on the 17th) 250 REQUIRED Determine the value of the closing stock for Elizabeth Warden for the month using the FIFO method. Use the template provided below When completing the template below ensure that numbers are written without without spacing and decimals for example R 250 000 is written as 250000. Use brackets for example (250000) where applicable. Date Purchased Sold Balance Units Price/u Amount Units Price/u Amount Units Price/u Amount Opening 2 10 17 25
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