Read the following questions and answer questions that follow.Consider the following information. The following receipts and issues were recorded.Date2 April6 April10 April13 April20 April25 April10 May12 May13 May15 May12 June15 June Purchased 100 units at P55 eachIssued 400 unitsPurchased 600 units at P60 each.Issued 500 unitsPurchased 500 units at P65 each.Issued 600 units.Purchased 800 units at P70 each.Issued 500 units.Issued 200 units.Purchased 500 units at P75.Issued 400 units.Purchased 300 units at P80 each. Additional information:The stock of material on hand on 1 April 2020 was 400 units at P50 per unit. Required:Determine the value of closing inventories at 15 June 2020 using:a) The FIFO method.b) The LIFO method
Read the following questions and answer questions that follow.
Consider the following information. The following receipts and issues were recorded.
Date
2 April
6 April
10 April
13 April
20 April
25 April
10 May
12 May
13 May
15 May
12 June
15 June
Purchased 100 units at P55 each
Issued 400 units
Purchased 600 units at P60 each.
Issued 500 units
Purchased 500 units at P65 each.
Issued 600 units.
Purchased 800 units at P70 each.
Issued 500 units.
Issued 200 units.
Purchased 500 units at P75.
Issued 400 units.
Purchased 300 units at P80 each.
Additional information:
The stock of material on hand on 1 April 2020 was 400 units at P50 per unit.
Required:
Determine the value of closing inventories at 15 June 2020 using:
a) The FIFO method.
b) The LIFO method
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