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QUESTION 2 Q2 10th Kenya Juicy Jams Company purchases supplies of ginger for its marmalade...

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QUESTION 2 Q2 10th Kenya Juicy Jams Company purchases supplies of ginger for its marmalade jam manufacturing. Purchases during the month ending 30th January, 5th January 10 tonnes @ Shs 2,800 January 15 tonnes @ Shs.3,100 15th January 11 tonnes @ Shs.3,300 17 tonnes @ Shs.3,500 10 tonnes @ Shs.3,700 20th January 25th January During the year, 50 tonnes of ginger was transferred from the stores to the production process. There was no opening stock. On 30th January, 40 tonnes of the finished marmalade were sold for Shs.4,200 a tonne. Using 1) FIFO 2) LIFO, and 3) Weighted Average cost method, compute the value of: 1) Closing stock ii) Cost of materials used ili) The Gross Profit/ (Loss) (15 Marks)

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