Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The following information was extracted from the records of Nanamon Ltd, dealers in electric irons for the month of December. December 1 st balance 1

The following information was extracted from the records of Nanamon Ltd, dealers in electric irons for the month of December.

December 1st balance 1 units @ GH1.00

December 4th purchase 15 units @ GH 3.00

December 10th purchase 12 units @ GH 5.00

December 12th purchase 15 units @ GH 6.00

December 15th purchase 10 units @ GH 5.50

December 20th sales 18 units @ GH 7.00

December 25th purchase 16 units @ GH6.00

December 30th sales 25 units @ GH 7.50

The selling general and administrative expense for month totaled GH 100. The standard price of each unit was GH 4.00.

Replacement prices for units sold were as follow December 12th GH2.50, December 20th GH4.00 and December 30th GH6.00

You are required to Prepare:

First -in- first out (FIFO) pricing

Last -in-First out(LIFO) pricing.

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_2

Step: 3

blur-text-image_3

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

Auditing Diversity In Library Collections

Authors: Rosalind Washington, Sarah Voels

1st Edition

1440878749, 978-1440878749

More Books

Students also viewed these Accounting questions