ABC Co. Ltd. has recorded the following transactions of material during the month of Sept. 2014.Calculate closing stock as on 30/09/14 on the basis of FIFO method.
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Businesses need to keep track of which items they sell and which items they have on hand, including their exact value.
During the year your inventory on hand is valued at how much it cost you to buy it (or if you're a manufacturing business - to make it). Each time you receive inventory you simply record how much it cost and enter it in your accounting system.
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