(Answered) Determining the value of the closing stocks

Finance

Problem: Assume the following purchases were made in ABC Ltd

Date of purchase Units purchased Price/unit

1^st January 500 100

2^nd January 600 200

3^rd January 800 400

Units used on 4^th January are 900. Determine the value/cost of units used by using FIFO, LIFO and weighted average.

Required:

Question: Determine the cost of units used and the value of the closing stocks using FIFO, LIFO and Weighted Average. Please explain your answer and also provide examples

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Financial Management, Finance

Category:- Financial Management
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