QUESTION 4 Big Market Company keeps inventory based on Last in First out (LIFO) method. Their record disclosed that 3,500 units were in store at the beginning of the current period (March 2022) which constitute of 1,300 units' price at RM12 purchased in February 2022. Next, 700 units' price at RM10 purchased in January 2022 and the balance, price at RM8 purchased in December 2021. The following transactions took place in March 2022: March 5 9 12 15 18 21 27 28 29 Issued Purchased Issued Purchased Purchased Issued Issued Returned to supplier Issued 2,800 units 1,900 units at RM13 each 1,400 units 4,200 units at RM9 each 1,500 units at RM11 each 1,800 units 1,400 units 2,100 units (for purchased made on 15 March 2022) 200 units Physical stock count on 31 March 2022 was 1,250 units. Required: a. Prepare store ledger card for the month of March 2022. b. Calculate the cost of material issued to the production department and the value of closing stock for the month of March 2022.

QUESTION 4 Big Market Company keeps inventory based on Last in First out (LIFO) method. Their record disclosed that 3,500 units were in store at the beginning of the current period (March 2022) which constitute of 1,300 units' price at RM12 purchased in February 2022. Next, 700 units' price at RM10 purchased in January 2022 and the balance, price at RM8 purchased in December 2021. The following transactions took place in March 2022: March 5 9 12 15 18 21 27 28 29 Issued Purchased Issued Purchased Purchased Issued Issued Returned to supplier Issued 2,800 units 1,900 units at RM13 each 1,400 units 4,200 units at RM9 each 1,500 units at RM11 each 1,800 units 1,400 units 2,100 units (for purchased made on 15 March 2022) 200 units Physical stock count on 31 March 2022 was 1,250 units. Required: a. Prepare store ledger card for the month of March 2022. b. Calculate the cost of material issued to the production department and the value of closing stock for the month of March 2022.

Name: QUESTION 4Big Market Company keeps inventory based on Last in First o
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Description: QUESTION 4Big Market Company keeps inventory based on Last in First out (LIFO) method. Theirrecord disclosed that 3,500 units were in store at the beginning of the current period(March 2022) which constitute of 1,300 units' price at RM12 purchased i

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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