On 1st March, Sea View Ltd. had the Opening Inventory balance of a product is 220 units @ 22 per unit. Using the Last-In, First-Out (LIFO) method of Inventory valuation, find the value of total Sales Value ($) as on 31st March if the following transactions took place during the month. Number of Price per Unit ($) Date Transaction details Units Purchases Sales 210 150 21.00 2-Mar 9-Mar 35.00 Purchases Purchases Purchases Sales 260 150 100 350 23.00 16-Mar 21-Mar 24-Mar 25.00 24.00 39.00 31-Mar $ 19,800.00 $ 19,800.50 O $ 18,900.00

On 1st March, Sea View Ltd. had the Opening Inventory balance of a product is 220 units @ 22 per unit. Using the Last-In, First-Out (LIFO) method of Inventory valuation, find the value of total Sales Value ($) as on 31st March if the following transactions took place during the month. Number of Price per Unit ($) Date Transaction details Units Purchases Sales 210 150 21.00 2-Mar 9-Mar 35.00 Purchases Purchases Purchases Sales 260 150 100 350 23.00 16-Mar 21-Mar 24-Mar 25.00 24.00 39.00 31-Mar $ 19,800.00 $ 19,800.50 O $ 18,900.00

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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