Solution-Make a max ltd uses fifo method to record

Make a max ltd uses fifo method to record inventory sales

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Reference no: EM132583183

Max Ltd. is a wholesaler of wheat flour. They purchase bags of flour from mills and sell them to retailers. The selling price of 5Kg wheat bag is Rs. 350. The data about selling and purchasing is as under:

Date Sales/Purchases Quantity Per unit

1st July, 2020 Opening Inventory 8,000 310

2nd July, 2020 Purchases 20,000 315

3rd July, 2020 Sales 25,000

5th July, 2020 Purchases 14,000 318

6th July, 2020 Purchase 25,000 320

7th July, 2020 Sales 40,000

Requirement:

Question 1: Max Ltd uses FIFO method to record inventory sales and all purchases and sales are in cash. You are required to prepare general entries for all the above events.

Reference no: EM132583183

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Make a max ltd uses fifo method to record inventory sales

Reference no: EM132583183

Reference no: EM132583183

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