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An inventory record card shows the following details: March 1 70 units in inventory at cost of €10 per unit 90 units purchased at a cost of €12 per unit 7 11 75 units sold @ €50 22 25 units purchased at a cost of €16 per unit 28 40 units sold @ €50 Required: 1. Calculate the value of inventory at 31st March using the FIFO, LIFO and AVCO methods (Perpetual system). 2. Calculate the Gross Profit under FIFO, LIFO and AVCO. (20 marks) (10 marks)

An inventory record card shows the following details: March 1 70 units in inventory at cost of €10 per unit 90 units purchased at a cost of €12 per unit 7 11 75 units sold @ €50 22 25 units purchased at a cost of €16 per unit 28 40 units sold @ €50 Required: 1. Calculate the value of inventory at 31st March using the FIFO, LIFO and AVCO methods (Perpetual system). 2. Calculate the Gross Profit under FIFO, LIFO and AVCO. (20 marks) (10 marks)

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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An inventory record card shows the following details: March 1 70 units in inventory at cost of €10 per unit 90 units purchased at a cost of €12 per unit 7 11 75 units sold @ €50 22 25 units purchased at a cost of €16 per unit 28 40 units sold @ €50 Required: 1. Calculate the value of inventory at 31st March using the FIFO, LIFO and AVCO methods (Perpetual system). 2. Calculate the Gross Profit under FIFO, LIFO and AVCO. (20 marks) (10 marks)
Transcribed Image Text:An inventory record card shows the following details: March 1 70 units in inventory at cost of €10 per unit 90 units purchased at a cost of €12 per unit 7 11 75 units sold @ €50 22 25 units purchased at a cost of €16 per unit 28 40 units sold @ €50 Required: 1. Calculate the value of inventory at 31st March using the FIFO, LIFO and AVCO methods (Perpetual system). 2. Calculate the Gross Profit under FIFO, LIFO and AVCO. (20 marks) (10 marks)
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