Solution-Calculate closing stock using the fifo and avco

Calculate closing stock using the fifo and avco

Assignment Help Cost Accounting

Reference no: EM132611144

The following transaction relates to ABC Ltd for the month of June 2020:

June 1. Opening balance 15 units @ $ 4.00 each

June 3 Bought 20 units @ $6.00 each

June 7 Sold 20 units @ 10 each

June 14 Sold 4 units @ 12 each

June 18 Bought 24 units @ 8 each

June 21 Sold 20 units @ $15

June 28 Sold 5 units @ 18 each

Required:

Question 1: Calculate closing stock using the FIFO and AVCO

Question 2: Prepare the trading account using both methods.

Reference no: EM132611144

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Calculate closing stock using the fifo and avco

Reference no: EM132611144

Reference no: EM132611144

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