Question three The following are the details regarding the receipts and issues of material X in respect of a firm in the month of January 2020 Jan 1 Purchases 100 units @ Sh40 per unit Jan 8 Purchase 200 units @ Sh50 per unit Jan 20 Issues 100 units Jan 25 Purchases 200 units @ Sh60 per unit Jan 31 Issues 200 units Assuming the firm follows the perpetual inventory system for maintaining its stores records, Required: Calculate the value of inventory on January 31 according to the Weighted Average Price Method
Question three The following are the details regarding the receipts and issues of material X in respect of a firm in the month of January 2020 Jan 1 Purchases 100 units @ Sh40 per unit Jan 8 Purchase 200 units @ Sh50 per unit Jan 20 Issues 100 units Jan 25 Purchases 200 units @ Sh60 per unit Jan 31 Issues 200 units Assuming the firm follows the perpetual inventory system for maintaining its stores records, Required: Calculate the value of inventory on January 31 according to the Weighted Average Price Method
Corporate Financial Accounting
14th Edition
ISBN:9781305653535
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter6: Inventories
Section: Chapter Questions
Problem 6.2BE: Perpetual inventory using FIFO Beginning inventory, purchases, and sales for Item Zeta9 are as...
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