Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. illustration 5 a company, started on 1st january,

ILLUSTRATION 5 A company, started on 1st January, 2014, purchased raw material during 2014 as...

60.1K

Verified Solution

Question

Accounting

image

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!
Become a Member

Other questions asked by students

Electrical Engineering
1.2K views

Write an instruction sequence to configure the A/D converter of the PIC18F452 to operate with the...

Mechanical Engineering
1.2K views

The mass-spring-damper system has a 2 kg block is displaced by an amplitude of 50 mm...

Calculus
1.2K views

Evaluating a piecewise-defined functionSuppose that the function f is defined, for all real numbers, as...

Algebra
1.2K views

Divide and simplify 6 3 2m 8m 30m 10m 6 3 2m 8m 30m Simplif

Algebra
1.2K views

Calculate the center of conic section given by equation below 2x 4 9y 6 A...

Accounting
1.2K views

Chapter 9 problem 1 On January 1,2024, Saugatuck Company borrowed $300000 for 5 years at...

Accounting
1.2K views

On April 1, 2024, Titan Corporation purchases office equipment for $78,000. For tax reporting, the...

Accounting
1.2K views

Concord Factory provides a 2-year warranty with one of its products which was first sold...

Accounting
1.2K views

Preparing a Classified Balance Sheet The following financial data for Kravis Distributors was collected as...

Accounting
1.2K views

1. If a taxpayers 2018 individual income tax return was filed on March 3, 2019,...

Accounting
1.2K views

Dawson Toys, Limited, produces a toy called the Maze with the following standards: ...

Accounting
1.2K views

Jaxson Corporation has the following data related to direct labor costs for September: actual costs...