PART BDuring the year 20X5, the owner of Plants 'R Us made the following inventory purchases andISsues:DateDetailsUnitsE/itemUnits remaining1 January 20X5Opening inventory50504 January 20X5Purchases452.809510 January 20X5 Sales3056512 January 20X5 Sales254015 January 20X5 Purchases20北 Sales102.505021 January401027 January 20X5 Purchases202.6030Required:a. What is the value of closing inventory on 31 January 20X5, under?a.FIFOb. LIFOc. AVCO.b. Prepare the trading account for the business for the month of January 20X5, under eachmethod of:a. FIFO:b. LIFOc. List two factors affect the choice of inventory valuation?

Name: PART BDuring the year 20X5, the owner of Plants 'R Us made the follow
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Description: PART BDuring the year 20X5, the owner of Plants 'R Us made the following inventory purchases andISsues:DateDetailsUnitsE/itemUnits remaining1 January 20X5Opening inventory50504 January 20X5Purchases452.809510 January 20X5 Sales3056512 January 20X5 S

Answer with all calculations are as follows.

Business

Accounting

Required: What is the value of closing inventory on 31 January 20X5, under? a. FIFO b. LIFO c. AVCO. b. Prepare the trading account for the business for the month of January 20X5, under each method of: a. FIFO: b. LIFO c. List two factors affect the choice of inventory valuation?

Required: What is the value of closing inventory on 31 January 20X5, under? a. FIFO b. LIFO c. AVCO. b. Prepare the trading account for the business for the month of January 20X5, under each method of: a. FIFO: b. LIFO c. List two factors affect the choice of inventory valuation?

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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