REQUIRED Use the first-in-first-out (FIFO) method to complete the table provided below for the stated transactions. INFORMATION The following transactions of Max Enterprises took place during August 2022 in respect of a component used in production: Date 01 Opening inventory 07 15 24 27 30 Transactions Date Purchased from a supplier Issued to production Purchased from a supplier Returned to the supplier (see 24th) Issued to production Table to complete: Purchases Quantity Price Amount 180 units @ R10 per unit 900 units @ R11 per unit 630 units 540 units @ R12 per unit 100 units 600 units Issues and returns Quantity Price Amount Quantity Balance Price Amount
REQUIRED Use the first-in-first-out (FIFO) method to complete the table provided below for the stated transactions. INFORMATION The following transactions of Max Enterprises took place during August 2022 in respect of a component used in production: Date 01 Opening inventory 07 15 24 27 30 Transactions Date Purchased from a supplier Issued to production Purchased from a supplier Returned to the supplier (see 24th) Issued to production Table to complete: Purchases Quantity Price Amount 180 units @ R10 per unit 900 units @ R11 per unit 630 units 540 units @ R12 per unit 100 units 600 units Issues and returns Quantity Price Amount Quantity Balance Price Amount
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question

Transcribed Image Text:REQUIRED
Use the first-in-first-out (FIFO) method to complete the table provided below for the stated transactions.
INFORMATION
The following transactions of Max Enterprises took place during August 2022 in respect of a component used in
production:
Date
01 Opening inventory
07
15
24
27
30
Transactions
Date
Purchased from a supplier
Issued to production
Purchased from a supplier
Returned to the supplier (see 24th)
Issued to production
Table to complete:
Purchases
Quantity Price Amount
180 units @ R10 per unit
900 units @ R11 per unit
630 units
540 units @ R12 per unit
100 units
600 units
Issues and returns
Quantity Price Amount
Quantity
Balance
Price
Amount
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