2.1 REQUIRED Use the information provided below to calculate the total value of issues to the production department for May 2020 and value of closing inventory as at 31 May 2020 using the: 2.1.1 First-in-first-out (FIFO) method. 2.1.2 Weighted average cost method. (Note: Round off the weighted average cost per unit to the nearest cent.) INFORMATION The following information was extracted from the records of Oasis Limited, a manufacturing company, for an inventory item: Date Transaction details for May 2020 Opening inventory consisted of 9 000 units at R10 each (including carriage on purchases). An invoice was received for 35 000 units purchased from JH Manufacturers at R10 each. Carriage on purchases of R1 per unit was paid to GH Logistics. Returned 4 000 damaged units (purchased on 06 May 2020) to the supplier. A refund was received on the carriage on purchases. An invoice was received for 10 000 units purchased from JH Manufacturers at R11 each. Carriage on purchases of R1 per unit was paid to GH Logistics. Issues to the production department for May: 39 000 units. 01 06 08 31 20

2.1 REQUIRED Use the information provided below to calculate the total value of issues to the production department for May 2020 and value of closing inventory as at 31 May 2020 using the: 2.1.1 First-in-first-out (FIFO) method. 2.1.2 Weighted average cost method. (Note: Round off the weighted average cost per unit to the nearest cent.) INFORMATION The following information was extracted from the records of Oasis Limited, a manufacturing company, for an inventory item: Date Transaction details for May 2020 Opening inventory consisted of 9 000 units at R10 each (including carriage on purchases). An invoice was received for 35 000 units purchased from JH Manufacturers at R10 each. Carriage on purchases of R1 per unit was paid to GH Logistics. Returned 4 000 damaged units (purchased on 06 May 2020) to the supplier. A refund was received on the carriage on purchases. An invoice was received for 10 000 units purchased from JH Manufacturers at R11 each. Carriage on purchases of R1 per unit was paid to GH Logistics. Issues to the production department for May: 39 000 units. 01 06 08 31 20

Name: 2.1REQUIREDUse the information provided below to calculate the total
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Description: 2.1REQUIREDUse the information provided below to calculate the total value of issues to the production department forMay 2020 and value of closing inventory as at 31 May 2020 using the:2.1.1 First-in-first-out (FIFO) method.2.1.2 Weighted average co

Century 21 Accounting General Journal

11th Edition

ISBN:9781337680059

Author:Gilbertson

Publisher:Gilbertson

Chapter20: Accounting For Inventory

Section20.3: Estimating Inventory

Problem 1OYO

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