question archive Question 2) A business buys twenty units of a product in January at a cost of $3
Question 2) A business buys twenty units of a product in January at a cost of $3
Subject:AccountingPrice: Bought3
Question 2) A business buys twenty units of a product in January at a cost of $3.00 each; it buys ten more in February at $3.50 each, and ten in April at $4.00 each. Eight units are sold in March, and sixteen are sold in May. You are to calculate the value of closing stock at the end of May using: a) FIFO b) AVOC
Question 1. A furniture shop sells coffee tables amongst the lines that it sells. The stock movements for coffee tables in February 2008 were: 1 February Stock of 10 tables brought forward at a cost of 130 each 4 February Sold 2 tables 7 February Sold 5 tables 10 February Bought 12 tables at f32 each 12 February Sold 6 tables 17 February Sold 4 tables 20 February Bought 8 tables at $31 each 24 February Sold 4 tables 27 February Sold 3 tables Each table sells at $50. Stock is valued on the FIFO (first in, first out) basis. You are to calculate the value of: a) Sales for February b) Closing stock at 28 February c) Costs of sales for February
