8. The following transactions took place in respect of Material 'X' during March 2015.Opening stock of materials 500 units @ Rs. 1.50 per unitPurchases 2000 units @ Rs. 2.00 per unit1-3-152-3-154-3-15Purchases 3000 units @ Rs. 2.50 per unit6-3-15Issues 2500 units8-3-15Purchases 2500 units @ Rs. 2.70 per unit10-3-15 Issues 2000 unitsYou are required to prepare a Stores Ledger Account using Simple AverageMethod and Weighted Average Method of pricing material issues.

Name: 8. The following transactions took place in respect of Material 'X' d
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Description: 8. The following transactions took place in respect of Material 'X' during March 2015.Opening stock of materials 500 units @ Rs. 1.50 per unitPurchases 2000 units @ Rs. 2.00 per unit1-3-152-3-154-3-15Purchases 3000 units @ Rs. 2.50 per unit6-3-15Iss

Stores ledger is a book which contains record of raw materials and production supplies stored in the…

Business

Accounting

The following transactionS took place In respect of 1-3-15 2-3-15 Opening stock of materials 500 units @ Rs. 1.50 per unit Purchases 2000 units @ Rs. 2.00 per unit Purchases 3000 units @ Rs. 2.50 per unit 4-3-15 6-3-15 Issues 2500 units 8-3-15 Purchases 2500 units @ Rs. 2.70 per unit 10-3-15 Issues 2000 units You are required to prepare a Stores Ledger Account using Simple Average Method and Weighted Average Method of pricing material issues.

The following transactionS took place In respect of 1-3-15 2-3-15 Opening stock of materials 500 units @ Rs. 1.50 per unit Purchases 2000 units @ Rs. 2.00 per unit Purchases 3000 units @ Rs. 2.50 per unit 4-3-15 6-3-15 Issues 2500 units 8-3-15 Purchases 2500 units @ Rs. 2.70 per unit 10-3-15 Issues 2000 units You are required to prepare a Stores Ledger Account using Simple Average Method and Weighted Average Method of pricing material issues.

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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Prepare journal entries 1-5 please and thank you.
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Help Save & Exit Check my w [The following information applies to the questions displayed below.] Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. of 4 Activities Units Acquired at Cost 90 units @ $50.80 per unit 220 units @ $55.80 per unit Date Units Sold at Retai1 1 Beginning inventory 5 Purchase Mar. Mar. Mar. 9 Sales 250 units @ $85.80 per unit 80 units @ $60.80 per unit 140 units @ $62.80 per unit Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales 120 units @ $95.80 per unit Totals 530 units 370 units ok k nt Problem 5-1A Part 3 3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (C) weighted average, and (d) specific identification. For specific identification, the March 9 sale consisted of 60 units from beginning inventory and 190 units from the March 5 purchase: the March 29 sale consisted of 40 units from the March 18 purchase and 80 units from the March 25 purchase.
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The Shirt Shop had the following transactions for T-shirts for Year 1, its first year of operations: Jan. 20 Apr. 21 July 25 Sept. 19 Purchased Purchased Purchased Purchased 310 units 150 units 210 units $ 7- $2,170 $9- 1,350 $10- 2,100 90 unite $12 - 1,080 During the year, The Shirt Shop sold 560 T-shirts for $17 each. Required a. Compute the amount of ending inventory The Shirt Shop would report on the balance sheet, assuming the following cost flow assumptions: (1) FIFO, (2) LIFO, and (3) weighted average, b. Compute the difference in gross margin between the FIFO and LIFO cost flow assumptions.
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