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Calculate value of closing stock using first in-first out

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Reference no: EM132617732

JVC Ltd is a retail store that buys and sells one product. The following information relates to the purchases and sales of the firm for the year 2020.

Period                                   Purchases on credit                Credit Sales               Cash Sales

01/01/2020 - 31/03/2020        4,500 @ sh.6 each        1,200 @ sh.10 each         1,100 @ sh.11 each

01/04/2020 - 30/06/2020           2,400 @ sh.7 each     2,200 @ sh.11 each         1,400 @ sh.12 each

01/07/2020 - 30/09/2020          1,400 @ sh.6 each           1,400 @ sh.10 each      1,600 @ sh.13 each

01/10/2020 - 31/12/2020            2,600 @ sh.8 each           1,600 @ sh.11 each     1,100 @ sh.13 each

On 01/01/2020 there was an opening stock of 5,200 units @ sh.6 each.

Required:

Problem (i) Calculate the value of closing stock using 'First in/First out' (FIFO) method.

Problem (ii) Prepare trading account for the year ending 31/12/2020.

Reference no: EM132617732

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