The following table summarises the receipts and issues of an item of inventory, by the stores of a particular company. DateReceiptsIssues (units)Number of unitsValue per unit (£)Total value (£)5th of June5004.22,100 12th June4004.81,920 18th June 35024th June6005.53,300 30th June 700Total 1. The value of closing inventory under the FIFO method would be: 2. The value of the closing inventory under the LIFO method would be: 3. The value of the first issue on the 18th of June under the AVCO method would be:

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Description: The following table summarises the receipts and issues of an item of inventory, by the stores of a particular company. DateReceiptsIssues (units)Number of unitsValue per unit (£)Total value (£)5th of June5004.22,100 12th June4004.81,920 18th June 3

FIFO is the first in first out inventory method which says that inventory purchased first should be…

Answered: he following table summarises the…

Financial Accounting

15th Edition

ISBN:9781337272124

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter7: Inventories

Section: Chapter Questions

Problem 2PEB: Beginning inventory, purchases, and sales for Item Delta are as follows: Assuming a perpetual...

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The following table summarises the receipts and issues of an item of inventory, by the stores of a particular company.

Date	Receipts	Issues (units)
Number of units	Value per unit (£)	Total value (£)
5^th of June	500	4.2	2,100
12^th June	400	4.8	1,920
18^th June				350
24^th June	600	5.5	3,300
30^th June				700
Total

1. The value of closing inventory under the FIFO method would be:

2. The value of the closing inventory under the LIFO method would be:

3. The value of the first issue on the 18^th of June under the AVCO method would be:

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