QUESTION 22.1 REQUIREDUse the information provided below to calculate the total value of issues to the production department forMay 2020 and value of closing inventory as at 31 May 2020 using the:2.1.1 First-in-first-out (FIFO) method.2.1.2 Weighted average cost method.INFORMATIONThe following information was extracted from the records of Oasis Limited, a manufacturing company, for an inventoryitem:Date Transaction details for May 202001Opening inventory consisted of 9 000 units at R10 each (including carriage on purchases).06An invoice was received for 35 000 units purchased from JH Manufacturers at R10 each. Carriage onpurchases of R1 per unit was paid to GH Logistics.Returned 4 000 damaged units (purchased on 06 May 2020) to the supplier. A refund was received on thecarriage on purchases.08(Note: Round off the weighted average cost per unit to the nearest cent.)2031An invoice was received for 10 000 units purchased from JH Manufacturers at R11 each. Carriage onpurchases of R1 per unit was paid to GH Logistics.Issues to the production department for May: 39 000 units.

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Description: QUESTION 22.1 REQUIREDUse the information provided below to calculate the total value of issues to the production department forMay 2020 and value of closing inventory as at 31 May 2020 using the:2.1.1 First-in-first-out (FIFO) method.2.1.2 Weighted

Computation of Number of units purchased and available during the method of May, 2020 Total Units =…

Business

Accounting

2.1 REQUIRED Use the information provided below to calculate the total value of issues to the production department for May 2020 and value of closing inventory as at 31 May 2020 using the: 2.1.1 First-in-first-out (FIFO) method. 2.1.2 Weighted average cost method. (Note: Round off the weighted average cost per unit to the nearest cent.)

2.1 REQUIRED Use the information provided below to calculate the total value of issues to the production department for May 2020 and value of closing inventory as at 31 May 2020 using the: 2.1.1 First-in-first-out (FIFO) method. 2.1.2 Weighted average cost method. (Note: Round off the weighted average cost per unit to the nearest cent.)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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