Joe Mukram Stock Form (LIFO method) Purchases Sales Balance Date Quantity Cost Price (S) Cost Price Value Quantity Sales Price Quantity (4) (S) (S)
Joe Mukram Stock Form (LIFO method) Purchases Sales Balance Date Quantity Cost Price (S) Cost Price Value Quantity Sales Price Quantity (4) (S) (S)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Please answer question. The Table is provided for you.
![Joe Mukram owns and operates a tyre shop in Fast Town. During the month of October 2009 he
recorded the following information:
6.
Date
Transaction
Value
October 01
Opening Balance
150 @ $25
October 10
Purchased
200 @$27
October 15
Sold
230 @$50
October 21
Purchased
500 @ $30
October 26
Sold
400 @$50
October 31
Sold
120 @ $55
Using the stock form provided, determine the value of the tyres remaining in stock at
October 31, 2009. Joe Mukram uses the LIFO method of stock valuation.
(a)
(b)
Prepare a Trading Account for the month ending October 31, 2009.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F178d2fc8-ed91-4adf-95ed-ceaa7e750eeb%2Fe903c1ae-acb8-4f8d-9ac2-a706c28f7057%2Fzayx80u_processed.png&w=3840&q=75)
Transcribed Image Text:Joe Mukram owns and operates a tyre shop in Fast Town. During the month of October 2009 he
recorded the following information:
6.
Date
Transaction
Value
October 01
Opening Balance
150 @ $25
October 10
Purchased
200 @$27
October 15
Sold
230 @$50
October 21
Purchased
500 @ $30
October 26
Sold
400 @$50
October 31
Sold
120 @ $55
Using the stock form provided, determine the value of the tyres remaining in stock at
October 31, 2009. Joe Mukram uses the LIFO method of stock valuation.
(a)
(b)
Prepare a Trading Account for the month ending October 31, 2009.
![ANSWER SHOET
Candidate No:
Centre No:
Answer Sheet for Question 6 (a).
Joe Mukram
Stock Form (LIFO method)
Purchases
Sales
Balance
Date
Quantity Cost Price Quantity Sales Price Quantity
Cost Price
Value
(S)
(4)
(S)
(S)
TO BE ATTACHED TO YOUR ANSWER BOOKLET](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F178d2fc8-ed91-4adf-95ed-ceaa7e750eeb%2Fe903c1ae-acb8-4f8d-9ac2-a706c28f7057%2Fix2amoc_processed.jpeg&w=3840&q=75)
Transcribed Image Text:ANSWER SHOET
Candidate No:
Centre No:
Answer Sheet for Question 6 (a).
Joe Mukram
Stock Form (LIFO method)
Purchases
Sales
Balance
Date
Quantity Cost Price Quantity Sales Price Quantity
Cost Price
Value
(S)
(4)
(S)
(S)
TO BE ATTACHED TO YOUR ANSWER BOOKLET
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