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At the begin of Period 11 Zinc Ltd. had an opening stock of 40units of product X valuaed at $15.00 each. The following movements occur:
Day 5 sold 35 items for $6.00 each
Day 10 bought 9 items for $7.00 each
Day 14 sold 13 items for $8.00Using FIFO metthod show the closing amount at the end of period 11?
opening stock : 40units * $15
day 10 : 9 * $7sales:
day 5 : 35 * 6
day 14: 13* * 8total sold = 48..
so we take out first the 40 in opening stock, the remaining 8 we take out of the purchases on day 8..
closing stock would be = ( 40 – 40 , 9-8) = 1 left.. worth $7.
i think that’s the answer.. but i cannot be sure. wait for someone stronger than me to confirm or deny..
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