Mosquito Ltd uses the Merlin to manufacture one of its products. The following information on receipts and issues of Merlins has been recorded for June: Receipts Price per Date Units unit Value £ £ 1 June Opening inventory 100 12.00 1,200 3 June Receipts 300 11.52 3,456 5 June Issues (220) 12 June Receipts 170 12.48 2,122 24 June Issues (300) Using the weighted average price method of inventory valuation, the value of closing inventory on 30 June was: a) £624 b) £602 c) £600 d) £595
Mosquito Ltd uses the Merlin to manufacture one of its products. The following information on receipts and issues of Merlins has been recorded for June: Receipts Price per Date Units unit Value £ £ 1 June Opening inventory 100 12.00 1,200 3 June Receipts 300 11.52 3,456 5 June Issues (220) 12 June Receipts 170 12.48 2,122 24 June Issues (300) Using the weighted average price method of inventory valuation, the value of closing inventory on 30 June was: a) £624 b) £602 c) £600 d) £595
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter7: Inventories: Cost Measurement And Flow Assumptions
Section: Chapter Questions
Problem 11RE: Jessie Stores uses the periodic system of calculating inventory. The following information is...
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Mosquito Ltd uses the Merlin to manufacture one of its products. The following
information on receipts and issues of Merlins has been recorded for June:
Receipts
Price per
Date Units unit Value
£ £
1 June Opening inventory 100 12.00 1,200
3 June Receipts 300 11.52 3,456
5 June Issues (220)
12 June Receipts 170 12.48 2,122
24 June Issues (300)
Using the weighted average price method of
inventory on 30 June was:
a) £624
b) £602
c) £600
d) £595
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