The following transactions have been recorded in the stock card of M & EM for its material, Dark Chocolate II. Units RM 01 Sep Balance in stock 500 1,250 05 Sep Received 200 560 10 Sep Issued 300 12 Sep Issued 250 17 Sep Received 500 1,500 28 Sep Issued 350 07 Oct Issued 200 15 Oct Received 500 1,550 17 Oct Issued 150 19 Oct Issued 200 21 Oct Received 300 990 28 Oct Issued 250 Required: Calculate the value of closing inventory for the two months ended 30 September and 31 October by using the LIFO inventory valuation method.
The following transactions have been recorded in the stock card of M & EM for its material, Dark Chocolate II.
Units RM
01 Sep Balance in stock 500 1,250
05 Sep Received 200 560
10 Sep Issued 300
12 Sep Issued 250
17 Sep Received 500 1,500
28 Sep Issued 350
07 Oct Issued 200
15 Oct Received 500 1,550
17 Oct Issued 150
19 Oct Issued 200
21 Oct Received 300 990
28 Oct Issued 250
Required:
Calculate the value of closing inventory for the two months ended 30 September and 31 October by using the LIFO
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