Question
QUESTION THREE The information below was deduced from the books of Landlord Ltd for the month of December 2021. December 1st balance 10units @Gh1.00 December
QUESTION THREE The information below was deduced from the books of Landlord Ltd for the month of December 2021. December 1st balance 10units @Gh1.00
December 4th purchases 15units @Gh3.00
December 10th purchases 12units @Gh5.00
December 12th sales 15units @Gh6.00
December 15th purchases 10units @Gh5.50
December 20th sales 18units @Gh7.00
December 25th purchases16units @Gh6.00
December 30th sales 25units @Gh7.50
The selling, general and administrative expenses for the month totaled Gh100.00, whilst the standard price was Gh4.00
You are required to prepare; (a) Stock sheet using;
i. First-in-First Out (FIFO) pricing method
ii. Last-in-First-Out (LIFO) pricing method
iii. Standard pricing method
(b) The income statement for the month of December using the FIFO and the LIFO methods
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Petroleum Accounting Principles Procedures And Issues
Authors: Dennis Jennings, Joe Feiten, Horace Brock
5th Edition
0940966255, 978-0940966253
