Question

find closing inventory and CGS under each method and record necessary Journal Entries. (Marks 8) Receipt Unit Rate Amount Jan 1. Inventory in hand 200 @Rs.7 Rs 1400 Jan 8. Purchases 1100 @Rs.8 Rs 8800 Jan 25. Purchases 300 @Rs.9. Rs 2700 Jan 31 Purchases 400 @Rs.10 Rs 4000 Issued Jan.1 Sale 100 @ Rs. 15 Rs.1500 Jan.9 Sale 200 @ Rs. 15 Rs.3000 Jan.15 Sale 400 @ Rs. 15 Rs.6000 Jan.27 Sale 600 @ Rs. 15 Rs.9000

Answer 1

Answer:

(Marks 8) Receipt Unit Rate Amount Jan 1. Inventory in hand 200 @Rs.7 Rs 1400 Jan 8. Purchases 1100 @Rs.8 Rs 8800 ...

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