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Question - The Corner Shop is a general retailer that uses the FIFO and periodic methods of accounting for inventory.
One of their products, tinned baked beans, had the following transactions occurring during March 2020:
01: 1 300 tins on hand at 1 March at R3.45 per unit
10: 680 tins purchased at R3.58 per unit on credit
23: 1 470 tins sold at R7.98 each for cash
28: 750 tins purchased at R4.02 per unit on credit
You are required to:
1. Prepare the journal entry(ies) to record the transactions on 10 and 23 March
2. Calculate the closing inventory balance of tinned fish that would appear on the statement of financial position of The Corner Shop as at 31 March 2020.
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