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Question 7 (Inventory valuation: WAM) Squeezi Salad dressing CC manufactures and bottles...

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Accounting

Question 7
(Inventory valuation: WAM)
Squeezi Salad dressing CC manufactures and bottles salad dressing. They recorded the following
transactions for the plastic bottles used to hold the dressing. The Weighted Average Method
(WAM) is used for the inventory valuation of raw material.
Required:
2.1 Draw up the inventory sheet for the bottles used by Squeezi Salad dressing CC
2.2 Clearly indicate the following:
2.2.1) The quantity of bottles received by Maloti (Pty) Ltd.
2.2.2) The value of bottles received by Maloti (Pty) Ltd.
2.2.3) The quantity of bottles issued by Maloti (Pty) Ltd
2.2.4) The value of bottles issued by by Maloti (Pty) Ltd
2.2.5) The total quantity of the bottles in the inventory of Maloti (Pty) Ltd
2.2.6) The total value of the bottles in the inventory of Maloti (Pty) Ltd
Squeezy Salad Dressings CC write up their books of account on a monthly basis
using the inventory cards.
2.3 Draw up the relevant ledger accounts for Squeezi Salad dressings CC and post the
monthly inventory totals to the ledger accounts. Start with any opening balances
given and assume all purchases are on credit. You MUST balance the ledger
accounts. Returns must be shown separately.
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