Question
The company has the following transactions for its inventory item: Telephone IP, for the month ending January 2001. 1st Opening inventory 100 units @ R200
The company has the following transactions for its inventory item: Telephone IP, for the month ending January 2001.
1st Opening inventory 100 units @ R200 each.
7th Purchased 200 units @ a total cost of R40 000.
8th Returned 125 units (that was purchased on the 7th) back to the supplier, due to poor quality of steel.
15th Sold 50 units to customer.
20th Returned the last 30 units (that was sold on the 15th) back.
23rd Sold 120 units to customer. 25th Purchased 300 units @ R50 each.
Required: Calculate the value of the closing stock using the FIFO method.
| Date | RECEIVED | ISSUED | BALANCE | ||||||
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| Units | Price | Amount | Units | Price | Amount | Units | Price | Amount |
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Horngrens Cost Accounting A Managerial Emphasis
Authors: Rajan Datar, Srikant M. Datar
16th Edition
9352860195, 978-9352860197
