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A manufacturing company uses a perpetual inventory system. The following transaction took place during March 20X2: 1/3/20X2 Balance of 5 units at total cost of R1750 and 19 units @R355 per unit 5/3/20X2 issue 13 units 7/3/20X2 Purchase 18 units at total cost of R648010/3/20X2 Issue 15 units 13/3/20X2 Return 3 units to the supplier (purchased 7/3/20X2) (The supplier did not replace these units) 19/3/20X2 Purchase 17 units @ R370 each 21/3/20X2 purchase 5 units @R375 each 22/3/20X2 Issue 21 units 25/3/20X2 Return 4 units to the store room 27/3/20X2 Purchase 16 units Q R365 each 29/3/20X2 Issue 14 units 30/3/20X2 Return 2 units to the store room 31/3/20X2 issue 6 units.

Calculate the value of the closing inventory using the (a) FIFO method (b) LIFO method (c) weighted average method.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M91697790

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