10 marksFinancial Statements and Users of Accounting Information

CAPE Management of Business Unit 1 · 2007 · Paper 2 · Question 6(c)

If the items are sold for $52 each, draw up a Trading Account for the six-month period ending June 30.

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6(a)Construct a table which shows the value of the closing stock at the end of EACH month using the 'Last In First Out' (LIFO) method of accounting for stock.[10 marks]
6(b)Compute the Cost of Goods Sold EACH month, for the six-month period.[5 marks]

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