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The following transactions of Heron Ltd took place during January 2022 in respect of component X used in production:

The following transactions of Heron Ltd took place during January 2022 in respect of component X used in production:

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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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
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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