The following data are extracted from the records of a commercial company for the year 2011 (amounts in dinars): 1. The balance at the beginning of the period (1/1) for this item was 7,000 units at a purchase price of 10 dinars per unit 2- On 3/8 4500 units were sold 3- On 5/10, 9000 units were purchased at a purchase price of 12 dinars per unit. 4- On 7/15, 3250 units were sold 5- On 9/18, 6,500 units were purchased at a purchase price of 12 dinars per unit. 6- On 12/24, 2,000 units were sold. 7- On 12/29 sold, 2750 units. Required: Photocopy of the item card for this material using the following pricing methods: - 1- First-in-first-sell (FIFO) method. 2- What comes last is sold first method (LIFO ). 3- The weighted average price method.
The following data are extracted from the records of a commercial company for the year 2011 (amounts in dinars): 1. The balance at the beginning of the period (1/1) for this item was 7,000 units at a purchase price of 10 dinars per unit 2- On 3/8 4500 units were sold 3- On 5/10, 9000 units were purchased at a purchase price of 12 dinars per unit. 4- On 7/15, 3250 units were sold 5- On 9/18, 6,500 units were purchased at a purchase price of 12 dinars per unit. 6- On 12/24, 2,000 units were sold. 7- On 12/29 sold, 2750 units. Required: Photocopy of the item card for this material using the following pricing methods: - 1- First-in-first-sell (FIFO) method. 2- What comes last is sold first method (LIFO ). 3- The weighted average price method.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Example 3: The following data are extracted from the records of a commercial company for the year 2011 (amounts in dinars):
1. The balance at the beginning of the period (1/1) for this item was 7,000 units at a purchase price of 10 dinars per unit
2- On 3/8 4500 units were sold
3- On 5/10, 9000 units were purchased at a purchase price of 12 dinars per unit.
4- On 7/15, 3250 units were sold
5- On 9/18, 6,500 units were purchased at a purchase price of 12 dinars per unit.
6- On 12/24, 2,000 units were sold.
7- On 12/29 sold, 2750 units.
Required: Photocopy of the item card for this material using the following pricing methods: -
1- First-in-first-sell (FIFO) method.
2- What comes last is sold first method (LIFO
). 3- The weighted average price method.
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