Question three The following are the details regarding the receipts and issues of material X in respect of a firm in the month of January 2020 Jan 1 Purchases 100 units @ Sh40 per unit Jan 8 Purchase 200 units @ Sh50 per unit Jan 20 Issues 100 units Jan 25 Purchases 200 units @ Sh60 per unit Jan 31 Issues 200 units Assuming the firm follows the perpetual inventory system for maintaining its stores records, Required: Calculate the value of inventory on January 31 according to the Weighted Average Price Method

Question three The following are the details regarding the receipts and issues of material X in respect of a firm in the month of January 2020 Jan 1 Purchases 100 units @ Sh40 per unit Jan 8 Purchase 200 units @ Sh50 per unit Jan 20 Issues 100 units Jan 25 Purchases 200 units @ Sh60 per unit Jan 31 Issues 200 units Assuming the firm follows the perpetual inventory system for maintaining its stores records, Required: Calculate the value of inventory on January 31 according to the Weighted Average Price Method

Name: Question threeThe following are the details regarding the receipts an
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Description: Question threeThe following are the details regarding the receipts and issues of material X in respect ofa firm in the month of January 2020Jan 1Purchases100 units@ Sh40 per unitJan 8Purchase200 units@ Sh50 per unitJan 20Issues100 unitsJan 25Purchas

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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Perpetual inventory using LIFO Beginning inventory, purchases, and sales for Item 88-HX are as follows: July 1 Inventory 82 units @ $20 July 8 Sale 66 units July 15 Purchase 91 units @ $24 July 27 Sale 76 units Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (a) the cost of goods sold on July 27 and (b) the inventory on July 31. a. Cost of goods sold on July 27 b. Inventory on July 31
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