2Given the following informationDatePurchasesSales5 Apr 1000 units @ £1014 Apr10 May 600 units @ £1212 May27 May18 June 400 units @ £1629 June550 units @ £20600 units @ £141200 units @ £24200 units @£24Required:Calculate the value of inventory at the end of June2018i)1) FIFO2) LIFO3) Weighted Average Method (AVCO)

There are various methods by which the cost of ending inventory and cost of goods sold can be…

Answered: Date Sales Purchases 1000 units @ £10 5…

Date Sales Purchases 1000 units @ £10 5 Apr 14 Apr 10 May 600 units @ £12 12 May 600 units @ £14 27 May 550 units @ £20 1200 units @ £24 18 June 400 units @ £16 29 June 200 units @ £24

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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Question

2
Given the following information
Date
Purchases
Sales
5 Apr 1000 units @ £10
14 Apr
10 May 600 units @ £12
12 May
27 May
18 June 400 units @ £16
29 June
550 units @ £20
600 units @ £14
1200 units @ £24
200 units @£24
Required:
Calculate the value of inventory at the end of June
2018
i)
1) FIFO
2) LIFO
3) Weighted Average Method (AVCO)

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4
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