Question
Tools and Parts Engineering Berhad would be carrying out year end audit and therefore has requested its finance manager to carry out the inventory valuation.
Tools and Parts Engineering Berhad would be carrying out year end audit and therefore has requested its finance manager to carry out the inventory valuation. Using the information provided compute the value of closing inventory.
Table 1
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| Date | Purchases | Date | Sales |
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| Jan | 300 units @ RM180 each | March | 200 units @ RM 220 each |
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| May | 150 units @ RM190 each | June | 180 units @ RM 210 each |
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| Aug | 120 units @ RM180 each | Nov | 160 units @ RM 220 each |
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| Oct | 50 units @ RM190 each |
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Prepare the value of closing inventory using:
- FIFO Method
- LIFO Method
- Average Cost Method
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Survey of Accounting
Authors: Edmonds, old, Mcnair, Tsay
2nd edition
978-0073379555
