Solution-Calculate closing stock at April using First in

Calculate closing stock at April using First in First out

Assignment Help Accounting Basics

Reference no: EM133146793

Question - The following transactions occurred in the books of Pay n Pick limited for the month of April 2015:

1 April Purchases 10 000 units @ R1,20

10 April Purchases 12 000 units @ R1,50

15 April Sales 25 000 @ R3,00

20 April Purchases 8 000 @ R1,80

23 April Sales 10 000 units @ R3,30

Additional Information - The stock count at 31 March 2015 revealed that 10 000 units at a cost of R1 per unit were on hand.

REQUIRED -

1. Calculate closing stock at 30 April 2015 using First in First out (FIFO).

2. Calculate Cost of sales at 30 April 2015.

3. Calculate how much gross profit Pay n pick made in the month of April.

Reference no: EM133146793

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Calculate closing stock at April using First in First out

Reference no: EM133146793

Reference no: EM133146793

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