Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

XYZLtd. deals in the purchase and sale of hardware products. The company recorded the following transactions in relation to product JL-40 during the month of

XYZLtd. deals in the purchase and sale of hardware products. The company recorded the following transactions in relation to product JL-40 during the month of September 2018: Date Purchaases Sales Quantity (Units) Sh. per unit September Quantity (Units) Sh. per unit 10,000 6,000 4 32.00 10,000 40.00 8.000 1.00 3,000 2.00 6,000 41.00 8.00 TO,000 5.000 30.50 28 9,000 . Adaiton i s stock of product JL-40 on 1 September 2018 comprised 7,000 units purchased at a cost of Sh 27 per unit. On 9th September 2018, the company reported a shortage of 400 units. On 20 September 2018,1000 units sold on 15 September 2018 were returned by a customer. Operating expenses for the month of September 2018 amounted to Sh.250,000. Required: Using the Last In First Out (LIFO) method prepare: marks) Stores ledger card for product JL.-40 tor the month of September 2018. (11) Income statement for product JL-40 for the month ended 30 September 2018. (4 marks)

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

Step: 3

blur-text-image

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

Excel For Accountants Tips, Tricks & Techniques

Authors: Conrad Carlberg

1st Edition

1932925015, 9781932925012

More Books

Students also viewed these Accounting questions

Question

=+f) Are any six points in a row increasing (or decreasing)?

Answered: 1 week ago