A local manufacturer, who deals with gasolene products, maintains his inventory record usingweighted average method. Assuming that the prices would go up, he purchased gasolene ondifferent dates and stored it, to be sold for a higher price. Below are the transactions that wererecorded by him in the month September 2022.02-Sep Purchased 1,200 ltrs. @1.15 pre ltr.05-Sep Purchased 1,000 ltrs. @1.20 per ltr.08-Sep Purchased 1,500 ltrs. @1.15 per ltr.13-Sep Issued 2,000 ltrs. to production19-Sep Purchased 1,200 ltrs. @1.25 per ltr.22-Sep purchases 1,000 ltrs. @1.30 per Itr25-Sep Issued 2,000 Itrs. To production28-Sep Purchased 800 Itrs. @1.40 per ltr.30-Sep Purchased 1,000 ltrs. @1.50 per ltr.Please find the value of his closing inventory and value of the issues using weighted averagemethod.

Name: A local manufacturer, who deals with gasolene products, maintains his
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Description: A local manufacturer, who deals with gasolene products, maintains his inventory record usingweighted average method. Assuming that the prices would go up, he purchased gasolene ondifferent dates and stored it, to be sold for a higher price. Below ar

Under the Weighted Average Method of Inventory valuation company sum up all the cost of inventory…

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A local manufacturer, who deals with gasolene products, maintains his inventory record using weighted average method. Assuming that the prices would go up, he purchased gasolene on different dates and stored it, to be sold for a higher price. Below are the transactions that were recorded by him in the month September 2022. 02-Sep Purchased 1,200 ltrs. @1.15 pre ltr. 05-Sep Purchased 1,000 Itrs. @1.20 per ltr. 08-Sep Purchased 1,500 ltrs. @1.15 per ltr. 13-Sep Issued 2,000 Itrs. to production 19-Sep Purchased 1,200 ltrs. @1.25 per ltr. 22-Sep purchases 1,000 ltrs. @1.30 per Itr 25-Sep Issued 2,000 Itrs. To production 28-Sep Purchased 800 Itrs. @1.40 per ltr. 30-Sep Purchased 1,000 Itrs. @1.50 per ltr. Please find the value of his closing inventory and value of the issues using weighted average method.

A local manufacturer, who deals with gasolene products, maintains his inventory record using weighted average method. Assuming that the prices would go up, he purchased gasolene on different dates and stored it, to be sold for a higher price. Below are the transactions that were recorded by him in the month September 2022. 02-Sep Purchased 1,200 ltrs. @1.15 pre ltr. 05-Sep Purchased 1,000 Itrs. @1.20 per ltr. 08-Sep Purchased 1,500 ltrs. @1.15 per ltr. 13-Sep Issued 2,000 Itrs. to production 19-Sep Purchased 1,200 ltrs. @1.25 per ltr. 22-Sep purchases 1,000 ltrs. @1.30 per Itr 25-Sep Issued 2,000 Itrs. To production 28-Sep Purchased 800 Itrs. @1.40 per ltr. 30-Sep Purchased 1,000 Itrs. @1.50 per ltr. Please find the value of his closing inventory and value of the issues using weighted average method.

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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