Question 5 From the following figures, calculate the closing stock in trade that would be shown using: FIFO; LIFO; and AVCO Bought: March 100 at RM16 each; September 220 at RM19 each; Sold: December 130 for RM24 each. Besides, draw up a trading account for the year showing the gross profit that would have been reported using FIFO, LIFO and AVCO methods.
Question 5 From the following figures, calculate the closing stock in trade that would be shown using: FIFO; LIFO; and AVCO Bought: March 100 at RM16 each; September 220 at RM19 each; Sold: December 130 for RM24 each. Besides, draw up a trading account for the year showing the gross profit that would have been reported using FIFO, LIFO and AVCO methods.
Survey of Accounting (Accounting I)
8th Edition
ISBN:9781305961883
Author:Carl Warren
Publisher:Carl Warren
Chapter9: Metric-analysis Of Financial Statements
Section: Chapter Questions
Problem 14CDQ
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Question 5
From the following figures, calculate the closing stock in trade that would be shown using:
- FIFO;
- LIFO; and
- AVCO
Bought: March 100 at RM16 each;
September 220 at RM19 each;
Sold: December 130 for RM24 each.
Besides, draw up a trading account for the year showing the gross profit that would have been reported using FIFO, LIFO and AVCO methods.
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