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LIFO

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA MA – FIA FMA › LIFO

  • This topic has 1 reply, 2 voices, and was last updated 2 years ago by John Moffat.
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  • Author
    Posts
  • December 8, 2020 at 2:11 pm #598412
    applessauce
    Member
    • Topics: 85
    • Replies: 65
    • ☆☆

    UNITS UNIT PRICE VALUE
    1 Jan 2001 Balance b/f. 100 5 500
    3 March 2001 Issue 40 – –
    4 June 2001 Reciepts 50 5.5 275
    6 June 2001 Reciepts 50 6 300
    9 Sep. 2001 Issue 70 – –

    What is the value of closing inventory if LIFO is used?

    Sir the answer in the book was $410

    I don’t understand how this was the answer sir
    I feel like the book has calulated the value of issue on 9th september instead of finding the closing inventory

    This is how I tried to find the answer of closing inventory sir

    (60*5)+(30*5.5)

    Please help me figure out where I went wrong sir

    60*5

    December 8, 2020 at 3:32 pm #598427
    John Moffat
    Keymaster
    • Topics: 56
    • Replies: 51571
    • ☆☆☆☆☆

    Assuming that you have copied the question correctly (and that is does ask for the value of the closing inventory) then it seems there is a mistake in your book, because the correct answer is $465 as you have calculated.

    If it is a question in the current edition of the BPP Revision Kit then tell me which one and I will check.

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