Question 3 Keith has a bakery, producing breads and cakes. The main raw material is the flour. During the 2 months period ending February 2017, the following quantities of flour (in unit) were received into and issued out of, stock as follows: January 1 Balance 50 units at RM3/unit 12 Purchased 100 units at RM3/unit 18 Purchased 90 units at RM3.20/unit 23 Issued 80 units February 2 Purchased 200 units at RM3.50/unit 11 Issued 240 units 21 Issued 80 units 25 Purchased 50 units at RM3.40/unit Required: Prepare the store ledger card and calculate the value of closing stock of flour at the end of 2-month for 2017 using: FIFO method LIFO method Weighted average cost method (AVCO)
Question 3
Keith has a bakery, producing breads and cakes. The main raw material is the flour. During the 2 months period ending February 2017, the following quantities of flour (in unit) were received into and issued out of, stock as follows:
January 1 Balance 50 units at RM3/unit
12 Purchased 100 units at RM3/unit
18 Purchased 90 units at RM3.20/unit
23 Issued 80 units
February 2 Purchased 200 units at RM3.50/unit
11 Issued 240 units
21 Issued 80 units
25 Purchased 50 units at RM3.40/unit
Required:
- Prepare the store ledger card and calculate the value of closing stock of flour at the end of 2-month for 2017 using:
- FIFO method
- LIFO method
- Weighted average cost method (AVCO)
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