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Material

Forums › FIA Forums › MA2 Managing Costs and Finance Forums › Material

  • This topic has 2 replies, 3 voices, and was last updated 4 months ago by Luqmanhussain.
Viewing 3 posts - 1 through 3 (of 3 total)
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  • April 18, 2024 at 4:13 pm #704259
    Syeda.aiman.ali
    Participant
    • Topics: 14
    • Replies: 0
    • ☆

    A wholesaler had opening inventory of 300 units of product Emm valued at $20/unit at begining of January. The following receipts and sales were recorded during January.
    2 Jan sales 250
    12 January receipts 400
    21 Jan sales 200
    29 Jan sales 75
    The purchase cost of receipts was $ 22/unit. Using a periodic weighted average method of valuation, calculate the value of closing inventory at the end of January?
    $____

    April 18, 2024 at 4:48 pm #704263
    Ken Garrett
    Keymaster
    • Topics: 10
    • Replies: 10594
    • ☆☆☆☆☆

    This is a relatively easy method: simply work out the average value of opening stock Plus purchased stock. Sales are used only to work out the quantity of closing inventory.

    So, opening stock plus purchases averaged gives:

    (300 x $20 +400 x $22)/(300 + 400) = 14800/700 = $21.14/unit

    Units at the end of the period = 300 – 250 + 400 – 200 – 75 = 175

    So, inventory value = $21.14 x 175 = 3,700

    February 21, 2025 at 3:59 pm #715520
    Luqmanhussain
    Participant
    • Topics: 0
    • Replies: 1
    • ☆

    3700

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  • The topic ‘Material’ is closed to new replies.

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