Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Pine Ltd operates in the retail sector selling electrical goods and uses the perpetual inventory system. The details for Product Group XXZ123 for the month

image text in transcribed

Pine Ltd operates in the retail sector selling electrical goods and uses the perpetual inventory system. The details for Product Group XXZ123 for the month of June are given below: June 1 Inventory on hand 2 100 units @ $220 June 4 Purchases 3 900 units @ $230 June 9 Sales 2 800 units June 12 Purchases 2 200 units @ $240 June 16 Returned 200 of units purchased on June 12 June 24 Sales 2 500 units June 26 Sales returns from June 24 sale 50 units (returned to inventory) June 28 Sales 2 000 units June 30 A physical inventory revealed 650 units on hand Required: a. Using the FIFO method prepare a record of movements (stock card) for Product Group XXZ123 using the format below: Date Explanation Purchases Unit Total Cost cost Cost of Sales Unit Total Units Cost cost Balance Unit Cost Total Units Units cost

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

Safety Health And Environmental Auditing A Practical Guide

Authors: Simon Watson Pain

2nd Edition

1138557153, 9781138557154

More Books

Students also viewed these Accounting questions