Question
Green Leaf Ltd began its operation in 2021 importing auto spares from Dubai and selling in the local market. The company used FIFO method to
- Green Leaf Ltd began its operation in 2021 importing auto spares from Dubai and selling in the local market. The company used FIFO method to value its inventory purchases and sales are made as follows by the entity during the year 202
Purchases: Jan 2021 10000 units @$25 each
March 2021 1500 units @$30 each
September 2021 2000 units @ 35 each.
Sales ; May 2021, 1500units
November 2021, 2000 units
Required: Compute the value of inventory as on 31 December 2021, using FIFO method. (10 marks)
- Green Leaf Ltd began its operation in 2021 importing auto spares from Dubai and selling in the local market. The company used FIFO method to value its inventory purchases and sales are made as follows by the entity during the year 202
Purchases: Jan 2021 10000 units @$25 each
March 2021 1500 units @$30 each
September 2021 2000 units @ 35 each.
Sales ; May 2021, 1500units
November 2021, 2000 units
Required: to do fifo31 December 2021 (10 marks)
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Managerial Accounting
Authors: Carl S. Warren, James M. Reeve, Jonathan E. Duchac
10th Edition
B010IKDQZM
