2 From the following prepare stores ledger records for product X using Receipts Total Cost 3 Issues Balance FIFO, LIFO, AVCO Total Cost 4 Date Total Quantity Cost Quantity Cost Quantity Cost • 20 units of the product are bought in January 2007 at a cost of$3 each Cost 10 units are bought in February at a cost of $3 50 each 7 • S units are sold in March 8 10 units are bought in April at a cost of $ 4.00 e ach 10 11 12 13 14 15 16 17 18 16 units are sold in May

2 From the following prepare stores ledger records for product X using Receipts Total Cost 3 Issues Balance FIFO, LIFO, AVCO Total Cost 4 Date Total Quantity Cost Quantity Cost Quantity Cost • 20 units of the product are bought in January 2007 at a cost of$3 each Cost 10 units are bought in February at a cost of $3 50 each 7 • S units are sold in March 8 10 units are bought in April at a cost of $ 4.00 e ach 10 11 12 13 14 15 16 17 18 16 units are sold in May

Name: ABHKMR1From the follo wing prepare stores ledger records for product
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Description: ABHKMR1From the follo wing prepare stores ledger records for product X using:ReceiptsIssuesBalanceTotalCostFIFO, LIFO, AVCO4DateTotalTotalQuantity CostQuantity CostQuantity Cost20 units of the product are bought in January 2007 at a cost of $3 eachC

Quickbooks Online Accounting

3rd Edition

ISBN:9780357391693

Author:Owen

Publisher:Owen

Chapter4: Operating Activities: Sales And Cash Receipts

Section: Chapter Questions

Problem 1.3C

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Concept explainers

Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.

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Question

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1
From the follo wing prepare stores ledger records for product X using:
Receipts
Issues
Balance
Total
Cost
FIFO, LIFO, AVCO
4
Date
Total
Total
Quantity Cost
Quantity Cost
Quantity Cost
20 units of the product are bought in January 2007 at a cost of $3 each
Cost
Cost
6.
10 units are bought in February at a cost of $3.50 each
7
8 units are sold in March
8
9
10 units are bought in April at a cost of $ 4.00 e ach
10
16 units are sold in May
11
13
14
15
16
17
18
19
20
21

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