Use the first-in-first-out (FIFO) method to complete the table provided below for the stated transactions....
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Accounting
Use the first-in-first-out (FIFO) method to complete the table provided below for the stated transactions. (4 marks) INFORMATION The following transactions of Max Enterprises took place during August 2022 in respect of a component used in production:
Date Transactions 01 Opening inventory 180 units @ R10 per unit
07 Purchased from a supplier 900 units @ R11 per unit
15 Issued to production 630 units
24 Purchased from a supplier 540 units @ R12 per unit
27 Returned to the supplier (see 24th) 100 units
30 Issued to production 600 units
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