Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. exercise 1 dischem (pty) is a general dealer. tran

EXERCISE 1 Dischem (Pty) is a general dealer. Transactions recorded for the period are as...

90.2K

Verified Solution

Question

Accounting

image
EXERCISE 1 Dischem (Pty) is a general dealer. Transactions recorded for the period are as follows: 2 March Opening inventory 100 units @N$5.00 per unit 5 March Received 120 units @N$5.75 per unit 6 March Received 180 units @N$6.00 per unit 7 March Issued 200 units 8 March Issued 150 units 9 March Return to supplier 20 units 10 March Issued 20 units The units returned to the supplier were units purchased on 6 March Required: Calculate the value of closing inventory, using the following inventory valuation methods: a) First in First Out (FIFO) b) Weighted Average (AVCO) EXERCISE 2 Pupkewitz Ltd had the following transactions in one of its raw materials during April Opening stock 40 units @N$10 each April 4 Bought 140 units @N$11 each April 10 Used 90 units April 12 Bought 60 units @N$12 each April 13 Used 100 units April 16 Bought 200 units @N$10 each April 21 Used 70 units April 23 Used 80 units April 26 Bought 50 units @N$12 each April 29 Used 60 units 1. Required: Write up the stores ledger card using the following inventory valuation methods: a. First in First Out (FIFO) b. Weighted Average (AVCO) Determine the cost of material used for each system during April

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

Use the following table that shows the options available on DEF stock (which currently trades at $112)...

Finance
Q

8. Personnel selection. Suppose that 6 female and 6 male applicants have been successfully screened for...

Advance Math
Q

In the academic world there is no dearth of all-knowing professors. An even more all-knowing professor...

Advance Math
Q

Cost of Units Completed and in Process The charges to Work in Process—Assembly Department for a...

Accounting
Q

Column I shows four uniformly charged systems with a cavity Column II and column III...

Physics
Q

2 IQ Scores Intelligence Quotient A measure of intelligence have a mean of 100 and...

Statistics
Q

PRINTER VERSION BACK Question 7 x your answer...

Accounting
Q

Polaski Company manufactures and sells a single product called a Ret. Operating at capacity, the...

Accounting
Q

Required information The following information applies to the questions displayed below. The transactions listed below...

Accounting
Q

what is the accounting Journal

Accounting
Q

Thank you! Luna Corporation, a company that produces and sells a single...

Accounting
Q

Yada Company expects to sell 1,750 units of finished product in January and 1,850 units...

Accounting