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Lifo Fifo Avco Reinforcement

The document records transactions of Seaman Washing Machine Inc. from March 1-29 involving purchases and sales of washing machine units. It provides details of the transactions including date, number of units, and price per unit. Blank tables are included to calculate the value of closing stock using LIFO, FIFO, and AVCO methods.

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Mildred C. Walters
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462 views2 pages

Lifo Fifo Avco Reinforcement

The document records transactions of Seaman Washing Machine Inc. from March 1-29 involving purchases and sales of washing machine units. It provides details of the transactions including date, number of units, and price per unit. Blank tables are included to calculate the value of closing stock using LIFO, FIFO, and AVCO methods.

Uploaded by

Mildred C. Walters
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOC, PDF, TXT or read online on Scribd
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NAME . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . DATE . . . . . . . . . . .

..................

Seaman Washing machine Inc. engaged in the transactions which are as follows:

Mar 1 Purchase 68 units @ $15.00 per unit


5 Purchase 140 units @ $15.50 per unit
9 Sale 94 units @ $19.00 per unit
11 Purchase 40 units @ $16.00 per unit
16 Purchase 78 units @ $16.50 per unit
20 Sale 116 units @ $19.50 per unit
29 Sale 62 units @ $21.00 per unit

Use the forms provided to calculate the value of closing stock using the following methods:

a) LIFO (8 MARKS)
b) FIFO (8 MARKS)
c) AVCO (9 MARKS)

SEAMAN WASHING MACHINE INC.


Records of Transactions
January
LIFO METHOD
DATE RECEIPTS ISSUES BALANCE STOCK VALUE
March 1
March 5
March 9
March 11
March 16
March 20
March 29

SEAMAN WASHING MACHINE INC.


Records of Transactions
January
FIFO METHOD
DATE RECEIPTS ISSUES BALANCE STOCK VALUE
March 1
March 5
March 9
March 11
March 16
March 20
March 29

SEAMAN WASHING MACHINE INC.


Records of Transactions
January
AVCO METHOD
DATE RECEIPTS ISSUES BALANCE STOCK VALUE AVERAGE
VALUE
March 1
March 5
March 9
March 11
March 16
March 20
March 29

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