Pippin Ltd is planning to prepare its monthly financial statements, so it asked the store...
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Accounting
- Pippin Ltd is planning to prepare its monthly financial statements, so it asked the store keeper to find out the closing stock for one of its products. Assume that the storekeeper asked for your assistance. The business is using the AVCO method.
Record the following details on an item of stock for the month of September.
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| Units | Cost per unit |
| Opening stock | 500 | 8BD |
| 2 September issue | 300 | 8 |
| 6 September - receipt | 400 | 9BD |
| 12 September -issue | 220 | 8.67 |
| 16 September -issue | 200 | 8.67 |
| 22 September -receipt | 600 | 9.5BD |
| 27 September - issue | 340 | 9.31 |
| STORES LEDGER RECORD (AVCO) | |||||||||
| Date | Receipts | Issues | Balance | ||||||
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| Quantity | Cost BD | Total Cost BD | Quantity | Cost BD | Total Cost BD | Quantity | Cost BD | Total Cost BD |
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| 500 | 8 | 4000
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| 2 sep
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| 300 200 | 8 8 | 2400COGS 1600 |
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| 6sep
| 400 600 | 9 8.67 | 3600 5200 |
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| 12sep | 220 380 | 8.67 8.67 |
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| 16sep |
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22sep
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| 27sep
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