Question
Question Three Kind Gestures Company is a leading producer of Akohia Soap in the Eastern Region of Ghana. The following information relate to a component
Question Three
Kind Gestures Company is a leading producer of Akohia Soap in the Eastern Region of Ghana. The following information relate to a component part used in manufacturing Akohia Soap for the period ended 31st August, 2020.
| Units | Total Cost (GH) |
Stock on hand at January 1, 2020 | 2,000 | 100,000 |
Purchases made during the period; |
|
|
January | 4,000 | 200,000 |
March | 3,000 | 180,000 |
May | 8,000 | 640,000 |
July | 2,000 | 100,000 |
Issues made during the period; |
|
|
February | 5,000 |
|
April | 1,000 |
|
June | 1,800 |
|
August | 2,500 |
|
Required;
- Using the Last-in-first-out method, prepare the Store Ledger Account for the period ended
31st August, 2020. (11 marks)
- One of the key methods of inventory control in modern times is the just-in-time system, list and explain 3 benefits of this system to a manufacturing company in Ghana. (6 marks)
c. Explain three (3) importance of Job Costing. (3 marks)
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