Question
The following information relates to item P0004 stocked by NIKE products Ltd for the month of April 2000: Receipts Issues Date Units Units Unit cost
The following information relates to item P0004 stocked by NIKE products Ltd for the month of April 2000:
|
| Receipts | Issues |
|
| Date | Units | Units | Unit cost (Sh) |
| April3 | 2,400 |
| 180 |
| 4 |
| 3,200 |
|
| 6 | 2,600 |
| 200 |
| 12 |
| 2,700 |
|
| 14 | 3,000 |
| 220 |
| 18 | 2,800 |
| 210 |
| 20 |
| 2,200 |
|
| 22 | 2,600 |
| 230 |
| 25 |
| 3,800 |
|
| 26 | 3,100 |
| 240 |
| 27 | 2,500 |
| 250 |
| 28 | 3,200 |
| 260 |
| 29 |
| 6,900 |
|
The closing balance for March 2000 was a batch of 3,000 units received at a unit price of Sh 190.
Required:
- Stores perpetual inventory record for item P0004 for May 2000 under LIFO system of stores issues.
- Closing stock valuation
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started
Security Audit And Control Features Oracle E Business Suite
Authors: Deloitte Touche Tohmatsu Research Team And Isaca
3rd Edition
1604201061, 978-1604201062
