ABC Company store raw material of inventory for its product Boomerang. The following information below relates to this inventory item for June 2021. Opening Inventory 50 units Price $15 per unit Receipts of stock item 2-6-21 100 units Price $20 per unit 13-6-21 250 units Price $23 per unit 21-6-21 280 units Price $25 per unit 25 -6-21 200 units Price $30 per unit 30 -6-21 150 units Price $35 per unit Issues to production 6-6- 21 100 units 19-6-21 200 units 25-6-21 120 units 30-6-21 160 units Required: (a) For Boomerang, calculate the value of closing Inventory as at 30 June 2021, and the cost of materials issued to production for the month of June, using perpetual methods of inventory valuation for:
ABC Company store raw material of inventory for its product Boomerang. The following information below relates to this inventory item for June 2021.
Opening Inventory
50 units Price $15 per unit
Receipts of stock item
2-6-21 100 units Price $20 per unit
13-6-21 250 units Price $23 per unit
21-6-21 280 units Price $25 per unit
25 -6-21 200 units Price $30 per unit
30 -6-21 150 units Price $35 per unit
Issues to production
6-6- 21 100 units
19-6-21 200 units
25-6-21 120 units
30-6-21 160 units
Required:
(a) For Boomerang, calculate the value of closing Inventory as at 30 June 2021, and the cost of materials issued to production for the month of June, using perpetual methods of
FIFO
LIFO and AVCO
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