Boxit Ltd. sells box juices and had the fo lowing transactions for the month of December. Stock on hand December 1, 2013 was 45 units @$200, Purchases Sales Dec 02 75 units @$205 Dec 06 55 units @ $250 Dec 08 30 units 210 Dec 10 40 units @$260 Dec 15 20 units @ $215 Dec 22 70 units (@$225 Dec 23 85 units @ $270 Required: Calculate the closing stock using FIFO, LIPO and AVCO for Boxit Ltd.

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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Boxit Ltd. sells box juices and had the fo lowing transactions for the month of
December. Stock on hand December 1, 2013 was 45 units @$200,
Purchases
Sales
Dec 02
75 units @$205
Dec 06
55 units @ $250
Dec 08
30 units
210
Dec 10
40 units @$260
Dec 15
20 units @ $215
Dec 22
70 units (@$225
Dec 23
85 units @ $270
Required:
Calculate the closing stock using FIFO, LIPO and AVCO for Boxit Ltd.
Transcribed Image Text:Boxit Ltd. sells box juices and had the fo lowing transactions for the month of December. Stock on hand December 1, 2013 was 45 units @$200, Purchases Sales Dec 02 75 units @$205 Dec 06 55 units @ $250 Dec 08 30 units 210 Dec 10 40 units @$260 Dec 15 20 units @ $215 Dec 22 70 units (@$225 Dec 23 85 units @ $270 Required: Calculate the closing stock using FIFO, LIPO and AVCO for Boxit Ltd.
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