Sunny side Company records inventory using a periodic inventory system and valuates their stock using the FIFO method. The following transactions took place during the month of March: Purchases: 03 March 200 units at R350 per unit 20 March 100 units at R370 per unit Material requisitions received from the manufacturing department: 10 March 260 units 25 March 30 units The closing stock for February was 20 units at a value of R320 per unit. Required: Calculate the value of the closing stock for March.

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A: Under LIFO, the newer goods are sold first, and older are left in the business.

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A: JOURNAL ENTRIESJournal Entry is the first stage of Accounting Process. Journal Entry is the Process…

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A: Let's understand some basics Ending Inventory is the goods which are purchased but no yet sold at…

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A: The LIFO strategy works under the presumption that the last item of stock acquired, is the item that…

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A: INVENTORY VALUATIONInventory Valuation is a Method of Calculation of Value of Inventory at the End…

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A: Introduction: LIFO: LIFO stands for Last in First out which means last received inventory to be sold…

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A: Given that: Sales units = 240 units

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A: The cash value attributed with the products in stock at the end of the financial period is known as…

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A: Inventory valuation is based on the flow-off issue used by the organization. It can be the first in…

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A: INVENTORY VALUATIONInventory Valuation is a Method of Calculation of Value of Inventory at the End…

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A: Ending inventory is the amount of inventory that an entity has on hand, at the end of the period. It…

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A: Last-in, first-out is the method of inventory valuation where the item that is purchased or…

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A: Ending inventory is the amount of inventory that an entity has on hand, at the end of the period. It…

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A: Since you have posted a question with multiple sub-parts, we will solve first three subparts for…

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A: Physical inventory is a human procedure, whereas perpetual inventory calls for automation. Physical…

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A: FIFO (First-In, First-Out) method: Inventory is sold in the order it was purchased, with the oldest…

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A: Meaning of First In First Out :-  First In, First Out, also known as FIFO, is a method for valuation…

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A: Cost of goods sold (units)=Beginning+Purchase-Ending units=150+160+130-50=390 units

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A: clsoing inventory = opening inventory + purchase - sales

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A: Inventory includes all the items, merchandise, and raw materials that are used by the business…

Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.