question archive The following information relates to the purchases and sales transactions of Robert Ltd for the period ended 31 December 2017
The following information relates to the purchases and sales transactions of Robert Ltd for the period ended 31 December 2017
Subject:AccountingPrice: Bought3
The following information relates to the purchases and sales transactions of Robert Ltd for the period ended 31 December 2017. The FIFO method of stock valuation has been consistently applied
1 Stock on hand
Item1 - 400 units at the cost $20 each
Item1 - 300 units at the cost of $30 each
Item2 - 100 units at the cost of $50 each
4 Purchased 100 Item1 for $40
6 Purchased 150 Item2 for $50
10 Sold 300 Item1 for $40
15 Sold 400 Item1 for $50
20 Sold 150 Item2 for $90
31 The stocktake revealed that there were:
99 Item1 in stock
101 Item2 in stock
a. Show a stock card for Item1 and Item2 using the FIFO assumption.
Adjust the stock card records for any stock losses or stock gains revealed by the stocktake.
