⦁ An organisation’s stock records show the following transactions for a specific item during last month:
Date Receipts Issues
units units
4th 50
13th 200
20th 50
27th 50
The stock at the beginning of last month consisted of 100 units valued at £6,700.
The receipts last month cost £62 per unit.
The value of the closing stock for last month has been calculated twice – once using a FIFO valuation and once using a LIFO valuation.
Which of the following statements about the valuation of closing stock for last month is correct?
A The FIFO valuation is higher than the LIFO valuation by £250.
B The LIFO valuation is higher than the FIFO valuation by £250.
C The FIFO valuation is higher than the LIFO valuation by £500.
D The LIFO valuation is higher than the FIFO valuation by £500.
1
Expert's answer
2019-03-12T02:36:52-0400
Dear mahnoor, your question requires a lot of work, which neither of our experts is ready to perform for free. We advise you to convert it to a fully qualified order and we will try to help you. Please click the link below to proceed: Submit order
Numbers and figures are an essential part of our world, necessary for almost everything we do every day. As important…
APPROVED BY CLIENTS
"assignmentexpert.com" is professional group of people in Math subjects! They did assignments in very high level of mathematical modelling in the best quality. Thanks a lot
Comments
Leave a comment