Answer to Question #112072 in Other for Dashita Kisto

Question

The net value of issues to the sales department for September 2018 using the First-In- First-Out (FIFO) method. (3 marks) 2.1.2 The value of closing inventory as at 30 September 2018 and the net value of the issues to the sales department for September 2018 using the Weighted Average Cost method. (Note: Round off the weighted average cost per unit to the nearest cent.) (7 marks) INFORMATION The following information for September 2018 was extracted from the records of Nescor Limited for a product that it sells: Date Transaction details 01 04 08 13 27 30 Opening inventory: 1 000 units @ R15 each. Invoice received for 20 000 units @ R16 each. Returned 4 000 damaged units (purchased 04 September) to the supplier. Invoice received for 19 000 units at R17 each. Invoice received for 14 000 units @ R19 each. 35 000 units transferred to the sales department during September 2018.

Answer 1

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