QUESTION 2: INVENTORY VALUATIONMiramax bookshop buys and sells textbooks and other stationery. The company uses a perpetual inventory system. Youhave been provided with the following information for May 2016:DateMAY 1s Opening balance was 2 000 textbooks with a total value of R300 0006th Issued 800 textbooks10th Purchased 1 000 textbooks @ R160 each14th Issued 900 textbooks16th Returned 100 textbooks purchased on the 10th of May to the supplierDescription19th Customers retumed 150 textbooks issued on the 14th of May20th 1000 textbooks were ordered @ R170 each22nd Issued 1 000 textbooks26th Received the textbooks ordered on the 20th31s StocktakingRequired:Calculate the value of closing inventory for May 2016 for Mramax bookshop using the weighted average method ofinventory valuation. Note: round off all TOTALS to the nearest R1 and all unit costs to TWO decimal places.

Weighted Average Inventory = (Unit 2 × Price1+ Unit 2× Price2 +..... Unitn × Pricen)/ Total Unit

have been provided with the following information for May 2016: Date Description MAY 1 Opening balance was 2 000 textbooks with a total value of R300 000 6th Issued 800 textbooks 10th Purchased 1 000 textbooks @ R160 each 14th Issued 900 textbooks 16th Returned 100 textbooks purchased on the 10th of May to the supplier 19th Customers retuned 150 textbooks issued on the 14th of May 20th 1000 textbooks were ordered @ R170 each 22nd Issued 1 000 textbooks 26th Received the textbooks ordered on the 20th 31 Stocktaking Required: Calculate the value of closing inventory for May 2016 for Mramax bookshop using the weighted average method inventory valuation. Note: round off all TOTALS to the nearest R1 and all unit costs to TWO decimal places.

have been provided with the following information for May 2016: Date Description MAY 1 Opening balance was 2 000 textbooks with a total value of R300 000 6th Issued 800 textbooks 10th Purchased 1 000 textbooks @ R160 each 14th Issued 900 textbooks 16th Returned 100 textbooks purchased on the 10th of May to the supplier 19th Customers retuned 150 textbooks issued on the 14th of May 20th 1000 textbooks were ordered @ R170 each 22nd Issued 1 000 textbooks 26th Received the textbooks ordered on the 20th 31 Stocktaking Required: Calculate the value of closing inventory for May 2016 for Mramax bookshop using the weighted average method inventory valuation. Note: round off all TOTALS to the nearest R1 and all unit costs to TWO 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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