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You are provided with information from the books of Reggies CC. The business sells mangoes...

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Question

Accounting

You are provided with information from the books of Reggies CC. The business sells mangoes and it is owned by Reg Mfeku. The financial year ended on 28 February 2014.

UNIT

NUMBER OF

PRICE

TOTAL

UNITS

N$

Stock balance on 1 March 2013

830

65

53 950

Total purchases for the year

3 470

223 760

May 2013

1 350

72

97 200

August 2013

980

62

60 760

November 2013

520

55

28 600

January 2014

620

60

37 200

Total sales for the year

3 360

182 400

June 2013

2 000

85

170 000

Dec 2013

1 360

90

12 400

Stock balance on 28 February 2014

940

?

?

  1. You are required to calculate the closing stock balance on 28 February 2014, using the first-in-first-out (FIFO) method of stock valuation. (22 marks)

  1. Calculate the total number of units sold. (2 marks)

  1. Is the FIFO method appropriate for this product? Explain. (2 marks)

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