hoice of inventory valuation method will have on closing inventory value and cost of materials issued to production. The following information is available for the month of April 2021: Date Details Amounts 1st Balance 100 kg at N$4 per kg 5th Receipts 200 kg at N$5 per kg 9th Receipts 150 kg at N$5.50 per kg 15th Issues 250 kg 19th Receipts 300 kg at N$4.50 per kg 27th Issues 350 kg Required: (a.) Calculate the value of closing inventory using FIFO? (b.) Calculate the cost of materials issued to production using weighted average method?
QUESTION 1
XYZ is a company that produces an organic type of pasta. The company would like to know the impact a choice of
Date Details Amounts
1st Balance 100 kg at N$4 per kg
5th Receipts 200 kg at N$5 per kg
9th Receipts 150 kg at N$5.50 per kg
15th Issues 250 kg
19th Receipts 300 kg at N$4.50 per kg
27th Issues 350 kg
Required:
(a.) Calculate the value of closing inventory using FIFO?
(b.) Calculate the cost of materials issued to production using weighted average method?
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