Date Receipt Issues Balance Jan Opening 200 @ $8.00 Feb 200 @ 8.50 Mar 300 Apr 150 @ $9.00 May 150 Jun 200 @ $9.15 Jul 250 Required: (a) Calculate the closing stock value at the end of June under each of the stock valuation methods of FIFO, LIFO and AVCO. Work to 2 decimal places.

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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Date

Receipt

Issues

Balance

Jan

Opening

 

200 @ $8.00

Feb

200 @ 8.50

 

 

Mar

 

300

 

Apr

150 @ $9.00

 

 

May

 

150

 

Jun

200 @ $9.15

 

 

Jul

 

250

 

 

Required:

(a) Calculate the closing stock value at the end of June under each of the stock valuation

methods of FIFO, LIFO and AVCO. Work to 2 decimal places. 

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