Share
Explore BrainMass

VALUATION OF CLOSING INVENTORY under various methods

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

---
- Posting regarding Naperville Company
---

(See attached file for full problem description)

Attachments

Solution Preview

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 ...

Solution Summary

This explains the steps for VALUATION OF CLOSING INVENTORY under various methods

$2.19