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VALUATION OF CLOSING INVENTORY under various methods

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ABLE -A

01-Jun INVENTORY 200 5 1000

PURCHASES 300 6 1800
500 7 3500
1000 5300
WEIGHTED AVERAGE 5.3

FIFO METHOD
VALUATION OF CLOSING INVENTORY
150 UNITS@ 7/- 1050

COST OF GOODS SOLD 5250
OPENING STOCK + PURCHSES - CLOSING STOCK

NEED HELP SOLVING THE ATTACHED PROBLEMS

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- Posting regarding Naperville Company
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This explains the steps for VALUATION OF CLOSING INVENTORY under various methods

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TABLE -A

01-Jun INVENTORY 200 5 1000

PURCHASES 300 6 1800
500 7 3500
1000 5300
WEIGHTED AVERAGE 5.3

FIFO METHOD
VALUATION OF CLOSING INVENTORY
150 UNITS@ 7/- 1050

COST OF GOODS SOLD 5250
OPENING STOCK + PURCHSES - CLOSING STOCK

LIFO ...

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