3.10 The following information has been provided regarding a company that sells bicycles. The firm...
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The following information has been provided regarding a company that sells bicycles. The firm purchases goods already produced and sells them to consumers. The firm uses the weighted average method and a periodic inventory valuation system. The following information has been provided for the period April X: The inventory balances available on April is units at R per unit and on April is units. The following purchases occurred during April X: April X: units at R per unit transportation costs were R April X: units at R per unit transportation costs R April X: units valued at R The following two returns occurred during the month: April X: units valued at R April X: units valued at R Required: a Calculate the value of closing inventory on April b The firm determined there were bicycles sold during the month. Calculate if there has been any surplus or deficit during the month of April X 
The following information has been provided regarding a company that sells bicycles. The firm purchases goods already produced and sells them to consumers. The firm uses the weighted average method and a periodic inventory valuation system. The following information has been provided for the period April X:
The inventory balances available on April is units at R per unit and on April is units.
The following purchases occurred during April X:
April X: units at R per unit transportation costs were R
April X: units at R per unit transportation costs R
April X: units valued at R
The following two returns occurred during the month:
April X: units valued at R
April X: units valued at R
Required:
a Calculate the value of closing inventory on April
b The firm determined there were bicycles sold during the month. Calculate if there has been any surplus or deficit during the month of April X
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