Quelpr
13 marksInventory Valuation Methods

CSEC Principles of Accounts · January 2014 · Paper 2 · Question 2(b)

Information for inventory item during December 2013: Dec 1 Beginning inventory 100 units @ 3 each; Dec 2 Purchases 250 units @ 3.50 each; Dec 5 Sales 200 units @ 5 each; Dec 15 Purchases 100 units @ 4 each; Dec 17 Sales 175 units @ $6 each.

Complete the stock valuation worksheet to calculate the value of ending inventory for Go-Low Ltd using the LIFO method.

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Other parts of this question

  1. 2(a)Prepare a statement showing the correct inventory figure for the year ended 31 December 2013, showing clearly the effect of EACH item.[6 marks]
  2. 2(c)State whether the value of ending inventory would be higher or lower if Go-Low had used the FIFO method.[1 mark]

More practice: the rest of this paper · more Inventory Valuation Methods questions · all CSEC Principles of Accounts past papers