The following transactions of Heron Ltd took place during January 2022 in respect of component X used in production: Jan Stock of component X on hand Issued to production 12 Purchased from supplier 01 08 15 18 25 27 Returned to supplier (purchased on 12 January 2022) Issued to production Purchased from supplier Issued to production Required: Calculate the value of closing inventory on 31 January 2022 using the: 2.1.1 First-in-first-out (FIFO) method 2.1.2 Weighted Average Cost Method 150 units @ R24 per unit 110 units 200 units @ R25 per unit 30 units 170 units 140 units @ R26 per unit 130 units
The following transactions of Heron Ltd took place during January 2022 in respect of component X used in production: Jan Stock of component X on hand Issued to production 12 Purchased from supplier 01 08 15 18 25 27 Returned to supplier (purchased on 12 January 2022) Issued to production Purchased from supplier Issued to production Required: Calculate the value of closing inventory on 31 January 2022 using the: 2.1.1 First-in-first-out (FIFO) method 2.1.2 Weighted Average Cost Method 150 units @ R24 per unit 110 units 200 units @ R25 per unit 30 units 170 units 140 units @ R26 per unit 130 units
Chapter1: Financial Statements And Business Decisions
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Transcribed Image Text:Information:
The following transactions of Heron Ltd took place during January 2022 in respect of component X used in
production:
Jan
Stock of component X on hand
Issued to production
12 Purchased from supplier
01
08
15
18
25
27
Returned to supplier (purchased on 12 January 2022)
Issued to production
Purchased from supplier
Issued to production
Required:
Calculate the value of closing inventory on 31 January 2022 using the:
2.1.1 First-in-first-out (FIFO) method
2.1.2 Weighted Average Cost Method
150 units @R24 per unit
110 units
200 units @ R25 per unit
30 units
170 units
140 units @ R26 per unit
130 units
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