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Calculate the value of inventory as at december

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Reference no: EM132525442

Diskem had the following inventory of gift sets on hand on 1 January 2017, the start of the financial year:

30 units at R180 each purchased on 30 November 2016

During 2017 the following purchases were made:

  1. 100 units at R190 each were purchased on 15 January 2017.
  2. 80 units at R200 each were purchased on 30 April 2017.
  3. 70 units at R210 each were purchased on 30 September 2017.
  4. 200 units were sold during 2017 at R310 per unit.

Required:

Question 1: Use the information given above to calculate the value of inventory as at 31 December 2017 using the:

  1. Weighted average cost method.
  2. First-in-first-out (FIFO) method.

Question 2: Calculate gross profit using the:

  1. Weighted average cost method.
  2. First-in-first-out (FIFO) method

Reference no: EM132525442

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