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Use the first-in-first-out (FIFO) method to complete the table provided below for the stated transactions. Date Transactions 01 Opening inventory 180 units @ R10 per
Use the first-in-first-out (FIFO) method to complete the table provided below for the stated transactions.
Date | Transactions | |
01 | Opening inventory | 180 units @ R10 per unit |
07 | Purchased from a supplier | 900 units @ R11 per unit |
15 | Issued to production | 630 units |
24 | Purchased from a supplier | 540 units @ R12 per unit |
27 | Returned to the supplier (see 24th) | 100 units |
30 | Issued to production | 600 units |
Table to complete
\begin{tabular}{|c|c|c|c|c|c|c|c|c|c|} \hline & \multicolumn{3}{|c|}{ Purchases } & \multicolumn{3}{c|}{ Issues and returns } & \multicolumn{3}{c|}{ Balance } \\ \hline Date & Quantity & Price & Amount & Quantity & Price & Amount & Quantity & Price & Amount| \\ \hline \end{tabular}
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