Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

QUESTION THREE a) The following details were extracted from the stores ledger card of a small manufacturing company during the month of November 2016

image text in transcribed

QUESTION THREE a) The following details were extracted from the stores ledger card of a small manufacturing company during the month of November 2016 November 2 Received 8 Received 10 Issued 15 Issued 20 Received 500 units @ shs 20 each 400 units 200 units 600 units @shs 25 each 300 units @shs 22 each 25 Issued 300 units 27 Received 200 units @ shs 26 each 30 Issued 100 units Standard price for each unit after the month of may is shs 25/. Market price of this material on December is shs 27/ unit and 400 units were purchased on that day Required Prepare stores ledger card to record the above transactions using weighted average b) What is the closing stock in units and kshs (8marks)

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

Financial Accounting

Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso

7th Edition

978-0470477151, 978-0-470-5562, 470556242, 0-470-55624-2, 9780470556245, 978-0470507018

Students also viewed these Accounting questions