5/07 Purchased 100 bags of milk at #10.00k each
3/...
5/07 Purchased 100 bags of milk at #10.00k each
3/5/07 Purchased 60 bags of milk at #11.50k each
15/5/07 Issued 85 bags of milk
15/5/07 Purchased 180 bags of milk at #12.80K each
22/5/07 Issued 145 bags of milk.
Using simple average method, calculate the value of stock after 22/5/07.
#1,198.00
#1,218.38
#1,257.67
#1,408.00
Correct answer is C
| date | quantity | unit cost | Dispatch quantity | Balance |
| 1 | 100 | 10.00 | 100 | |
| 3 | 60 | 11.50 | 60 | |
| 15 | 85 | 75 | ||
| 15 | 180 | 12.80 | 255 | |
| 22 | 145 | 110 | ||
| 340 | 34.3 | 230 | 110 |
(34.3 / 3) x 110 = 1257.67
The value of stock is gotten by dividing the total unit cost by the number of times stock was purchased and multiplying it by the balance of stock at the end of the month or period.
The main purpose of transaction file is ...
Goods stolen at the branch is debited to ...
In order to make the cash book balance equal to the bank statement, it is usual to add? ...
July 1 - Started business with #10,500 July 31- Paid Agro machine x #6,000 owing them The double...
A cheque drawn for N1200 was entered in the cash book as a receipt. The accounting entries are ...
The financial plan of the government for a year is contained in the ...
The claim on the assets of a business by outsiders is ...
A sales journal is used to record ...
Which of the following is added to the proprietor's capital? ...