The following transactions of Sirta Designs took place during August 2018 in respect of kitchen stools:...
The following transactions of Sirta Designs took place during August 2018 in respect of kitchen stools:
| Date | Details | Units | Unit cost |
| 01 | Opening inventory | 5 | R50 |
| 07 | Production | 10 | R60 |
| 19 | Production | 25 | R72 |
| 23 | Production | 13 | R80 |
| 29 | Production | 7 | R90 |
By 31 August 2018, Rose Design had sold 50 stools.
required:
calculate the value of closing inventory, using the following inventory valuation techniques:
1. weighted average cost
2. first in, first out
Homework Answers
| a)Weighted Average cost: | |||
| Units available for sale= 5+10+25+13+7= 60 units | |||
| Units sold=50 | |||
| Average cost per unit= cost of goods available for sale/total units available | |||
| =(5*50+10*60+25*72+13*80+7*90)/60 | |||
| =4320/60= 72 | |||
| Closing inventory= (60-50)*72= R720 | |||
| b) FIFO | |||
| Units | Unit cost | Total | |
| Production 23 august | 3 | 80 | 240 |
| Production 29 august | 7 | 90 | 630 |
| 10 | 870 | ||
| Closing inventory= R870 | |||
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