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date Bought Date Sold 01 March 2020 15 at N$ 12.50 06 March 2020 20 05 March 2020 25 at N$ 12.80 15 March 2020 20 17 March 2020 40 at N$ 13.20 24 March 2020 20 23 March 2020 20 at N$ 13.60 30 March 2020 20 31 March 2020 12 at N$ 14.10       selling price: N$ 20 Use the above information to calculate closing inventory that would be shown using the below method for 31 March 2020 financial year I) Fifo ii) AVCO iii) calculate purchases using FIFO and AVCO iv) calculate the cost of sale using FIFO and AVCO v) calculate sales using FIFO and AVCO vi) prepare a trading statement as at 31 March 2020

date Bought Date Sold 01 March 2020 15 at N$ 12.50 06 March 2020 20 05 March 2020 25 at N$ 12.80 15 March 2020 20 17 March 2020 40 at N$ 13.20 24 March 2020 20 23 March 2020 20 at N$ 13.60 30 March 2020 20 31 March 2020 12 at N$ 14.10       selling price: N$ 20 Use the above information to calculate closing inventory that would be shown using the below method for 31 March 2020 financial year I) Fifo ii) AVCO iii) calculate purchases using FIFO and AVCO iv) calculate the cost of sale using FIFO and AVCO v) calculate sales using FIFO and AVCO vi) prepare a trading statement as at 31 March 2020

FINANCIAL ACCOUNTING
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 Bought Date Sold
01 March 2020 15 at N$ 12.50 06 March 2020 20
05 March 2020 25 at N$ 12.80 15 March 2020 20
17 March 2020 40 at N$ 13.20 24 March 2020 20
23 March 2020 20 at N$ 13.60 30 March 2020 20
31 March 2020 12 at N$ 14.10    

 

selling price: N$ 20

Use the above information to calculate closing inventory that would be shown using the below method for 31 March 2020 financial year

I) Fifo

ii) AVCO

iii) calculate purchases using FIFO and AVCO

iv) calculate the cost of sale using FIFO and AVCO

v) calculate sales using FIFO and AVCO

vi) prepare a trading statement as at 31 March 2020

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