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QUESTION 1 (20 MARKS) 1.1 REQUIRED Use the first-in-first-out (FIFO) method to complete the table...

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Accounting

QUESTION 1 (20 MARKS)

1.1 REQUIRED 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

Table to complete:

Purchases Issues and returns Balance

Date Quantity Price Amount Quantity Price Amount Quantity Price Amount

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