No.4 The following are the transactions for Mixture Ltd. for the month of Coctob

Question

No.4 The following are the transactions for Mixture Ltd. for the month of Coctober201 Transactions Balance bld210 upits t M3 per unt Received Reccived Sold Sold Received Sold Received Sold ate Jan. 1 13 17 24. 30 31 40 units t RM4 per unit 280 units at RM5 per unit 100 units t RMII per unit 190 units at RM12 per unit 340 units t RM6 per unit 200 units at RM11 per unit 100 units at RMS per unit 250 unitsat RM12 per unit (a) Record the above transactions in the stores ledger cards using: (C) FIFO method (ii) LIFO method (iii) AVCO method (b) Calculate for both the above methods (i) sales values (i) total costs of goods sold (ii) gross profits

Explanation / Answer

FIFO   METHOD(FIRST IN FIRST OUT) Purchase Sales Ending Balance Date Transaction Quantity Rate Amount Quantity Rate Amount Quantity Rate Amount Jan. 1 Balance b/d 210 3 630 6 Received 140 4 560 210 3 630 140 4 560 7 Received 280 5 1400 210 3 630 140 4 560 280 5 1400 9 Sold 100 3 300 110 3 330 140 4 560 280 5 1400 13 Sold 110 3 330 60 4 240 80 4 320 280 5 1400 17 Received 340 6 2040 60 4 240 280 5 1400 340 6 2040 24 Sold 60 4 240 140 5 700 140 5 700 340 6 2040 30 Received 100 5 500 140 5 700 340 6 2040 100 5 500 31 Sold 140 5 700 230 6 1380 110 6 660 100 5 500 Total 860 4500 740 3250 Sales value 8580 (100*11+190*12+200*11+250*12) Total Cost of goods sold 3250 Gross Profit 5330 LIFO   METHOD(LAST IN FIRST OUT) Purchase Sales Ending Balance Date Transaction Quantity Rate Amount Quantity Rate Amount Quantity Rate Amount Jan. 1 Balance b/d 210 3 630 6 Received 140 4 560 210 3 630 140 4 560 7 Received 280 5 1400 210 3 630 140 4 560 280 5 1400 9 Sold 100 5 500 210 3 630 140 4 560 180 5 900 13 Sold 180 5 900 210 3 630 10 4 40 130 4 520 17 Received 340 6 2040 210 3 630 130 4 520 340 6 2040 24 Sold 200 6 1200 210 3 630 130 4 520 140 6 840 30 Received 100 5 500 210 3 630 130 4 520 140 6 840 100 5 500 31 Sold 100 5 500 210 3 630 140 6 840 120 4 480 10 4 40 Total 860 4500 740 4020 Sales value 8580 (100*11+190*12+200*11+250*12) Total Cost of goods sold 4020 Gross Profit 4560 AVCO METHOD(AVERAGE COST) Purchase Sales Ending Balance Date Transaction Quantity Rate Amount Quantity Rate Amount Quantity Rate Amount Jan. 1 Balance b/d 210 3 630 6 Received 140 4 560 350 3.40 1190 7 Received 280 5 1400 630 4.11 2590 9 Sold 100 4.11 411.11 530 4.11 2178.89 13 Sold 190 4.11 781.11 340 4.11 1397.40 17 Received 340 6 2040 680 5.06 3437.40 24 Sold 200 5.06 1011 480 5.06 2426.40 30 Received 100 5 500 580 5.05 2926.40 31 Sold 250 5.05 1261.38 330 5.05 1665.02 Total 860 4500 740 3464.60 Sales value 8580 (100*11+190*12+200*11+250*12) Total Cost of goods sold 3465 Gross Profit 5115

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