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The following transactions of Berain Manufacturers, that uses the perpetual inve 2024 in respect of a part used in production: Feb 01 08 15 16 17 26 Stock on hand Issued to production Purchased from supplier Issued to production Returned to supplier (purchased on 15 February 2024) Issued to production tory system, took place during February 600 units @ R34 per unit 420 units 1800 units @ R35.50 per unit 700 units 120 units 800 units

The following transactions of Berain Manufacturers, that uses the perpetual inve 2024 in respect of a part used in production: Feb 01 08 15 16 17 26 Stock on hand Issued to production Purchased from supplier Issued to production Returned to supplier (purchased on 15 February 2024) Issued to production tory system, took place during February 600 units @ R34 per unit 420 units 1800 units @ R35.50 per unit 700 units 120 units 800 units

FINANCIAL ACCOUNTING
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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The following transactions of Berain Manufacturers, that uses the perpetual inventory system, took place during February 2024 in respect of a part used in production: Feb 01 08 15 16 17 26 Stock on hand Issued to production Purchased from supplier Issued to production Returned to supplier (purchased on 15 February 2024) Issued to production 600 units @ R34 per unit 420 units 1800 units @ R35.50 per unit 700 units 120 units 800 units Using the first-in-first-out (FIFO) method, calculate the value of closing inventory as at 28 February 2024.
Transcribed Image Text:The following transactions of Berain Manufacturers, that uses the perpetual inventory system, took place during February 2024 in respect of a part used in production: Feb 01 08 15 16 17 26 Stock on hand Issued to production Purchased from supplier Issued to production Returned to supplier (purchased on 15 February 2024) Issued to production 600 units @ R34 per unit 420 units 1800 units @ R35.50 per unit 700 units 120 units 800 units Using the first-in-first-out (FIFO) method, calculate the value of closing inventory as at 28 February 2024.
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