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viti. Received from supplier 240 units @ GH24.75 per unit ix. Issue 304 units. X. Received from supplier 320 units @ GH24.50 per unit xi.

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viti. Received from supplier 240 units @ GH24.75 per unit ix. Issue 304 units. X. Received from supplier 320 units @ GH24.50 per unit xi. Issue 112 units xii. Returned to store 12 units @ GH$24.50 per unit Received from supplier 100 units @ c25 per unit xiii. . Q2 The following information was extracted from the cost records of Somuah in relation to inventory ledger account month of March 2015. March 1 Balance brought forward March 5 Received March 6 Issued March 10 Received March 12 Issued March 15 Received March 20 Issued March 22 Received 500 units @ GH5 200 units @ GH6 560 units 900 units @ GH7 950 units 420 units GH5.50 400 units 530 units @ GH8.50 You are required to cost the issue of the material and calculate the value of closing stock using a. Last-In-First-Out (LIFO) method b. Standard cost price of GH6.50 c. FIFO d. Weighted Average method e. Simple Average method

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