Malaika Ltd buys and sells product Q-3. It values sock on the basis of last in first out (LIFO). At 1 June 2021, stock in hand consisted of 4,500 units which were acquired at Sh.50 per unit. The operations for the month were as follows: DatePurchasesSalesJune15,000 @ Sh 48 4 6,000 @ Sh 6055,500 @ Sh 49 74,000 @ Sh 50 11 7,000 @ Sh 61125,000 @ Sh 50 136,000 @ Sh 47 18 7,000 @ Sh 6219 8,000 @ Sh 64206,000 @ Sh 49.50 21 5,000 @ Sh 65227,000 @ Sh 50 256,000 @ Sh 49 262,000 @ Sh 47 28 500 @ Sh 6029 14,000 @ Sh 64 The company incurred operating costs of Sh 450,000 during the month. Required:a) Stores ledger cardb) Closing stock valuation

LIFO stands for Last in Last out which states that the inventory which is purchased or bought in…

Answered: Malaika Ltd buys and sells product Q-3.…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Question

100%

Malaika Ltd buys and sells product Q-3. It values sock on the basis of last in first out (LIFO). At 1 June 2021, stock in hand consisted of 4,500 units which were acquired at Sh.50 per unit. The operations for the month were as follows:

Date	Purchases	Sales
June1	5,000 @ Sh 48
4		6,000 @ Sh 60
5	5,500 @ Sh 49
7	4,000 @ Sh 50
11		7,000 @ Sh 61
12	5,000 @ Sh 50
13	6,000 @ Sh 47
18		7,000 @ Sh 62
19		8,000 @ Sh 64
20	6,000 @ Sh 49.50
21		5,000 @ Sh 65
22	7,000 @ Sh 50
25	6,000 @ Sh 49
26	2,000 @ Sh 47
28		500 @ Sh 60
29		14,000 @ Sh 64