Question
The following transactions of Sirta Designs took place during August 2018 in respect of kitchen stools: Date Details Units Unit cost 01 Opening inventory 5
The following transactions of Sirta Designs took place during August 2018 in respect of kitchen stools:
| Date | Details | Units | Unit cost |
| 01 | Opening inventory | 5 | R50 |
| 07 | Production | 10 | R60 |
| 19 | Production | 25 | R72 |
| 23 | Production | 13 | R80 |
| 29 | Production | 7 | R90 |
By 31 August 2018, Rose Design had sold 50 stools.
required:
calculate the value of closing inventory, using the following inventory valuation techniques:
1. weighted average cost
2. first in, first out
Step by Step Solution
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Step: 1
Calculating Sirta Designs Closing Inventory Value Given Information Opening inventory5 units at R50unit Production August 710 units at R60unit August ...
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Horngrens Financial and Managerial Accounting
Authors: Tracie L. Nobles, Brenda L. Mattison, Ella Mae Matsumura
5th edition
9780133851281, 013385129x, 9780134077321, 133866297, 133851281, 9780133851298, 134077326, 978-0133866292
