ILLUSTRATION 5 A company, started on 1st January, 2014, purchased raw material during 2014 as...
90.2K
Verified Solution
Link Copied!
Question
Accounting
ILLUSTRATION 5 A company, started on 1st January, 2014, purchased raw material during 2014 as stated below: 3,000 January 2 800 kgs. @ $62 per kg. July 10 kgs.@ $56 per kg. 1,500 February 26 1,200 kgs. @ $57 per kg. September 18 kgs. @ $60 per kg. 1,000 April 13 2,500 kgs. @ $59 per kg. November 29 kgs. @ $65 per Ig. While preparing its final accounts on 31st December, 2014, the company had 1,300 kgs. of raw material in its godowns. Calculate the value of closing stock of raw material according to- (i) 'First-in-First-ou basis (ii) 'Last-in-First-out' basis (iii) 'Weighted Average' basis
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!
