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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en H [The following information applies to the questions displayed below] A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 300 units. Ending inventory at January 31 totals 130 units. Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 January 1 January 9 Total January Required: Assume the perpual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the FIFO method January 25 Total January 25 January 26 Total January 26 Goods purchased Number of Cost per unite unit 60 at $2.70 100 at 5 284 Number of units sold 270 Units 270 60 100 30 60 Unit Cost $2.50 2.70 Perpetual EIEO: Cost of Goods Sold Cost per Cost of Goods unit Sold Inventory Balance Cost per whit Number of units 270 at 30 at 60 at $ 270 = 100 at Saved $ 270- $ 284- $ 270 $ 284 Inventory Balance 162.00 $ 162.00
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Subject : Accounting
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