Question

Data for questions 5 and 6 Aberdeen Ltd holds stocks of Material X that it uses in production. Over the last month receipts and issues were as follows: Opening Balance Receipts Issues 5 May 200 at $5 7 May 400 12 May 300 at $4.50 23 May 400 22 May 100 at $6 30 May 200 29 May 400 at $5.50 200 at $7 5. If a FIFO stock valuation method were used, the value of stocks at the month end would be: A $1,000 B $1,100 C $1,200 D $1,400 6. If a LIFO stock valuation method were used, the cost of material X issued to production in the month would be: A $5,150 B $5,350 C $5,450 D $5,550 100 \times \$5 100 \times \$4.5 + 100 \times \$5 100 \times \$5 + 100 \times \$6 = 1100

          Data for questions 5 and 6
Aberdeen Ltd holds stocks of Material X that it uses in production. Over the last month receipts and
issues were as follows:
Opening Balance
Receipts
Issues
5 May
200 at $5
7 May 400
12 May
300 at $4.50
23 May 400
22 May
100 at $6
30 May 200
29 May
400 at $5.50
200 at $7
5. If a FIFO stock valuation method were used, the value of stocks at the month end would be:
A $1,000
B $1,100
C $1,200
D $1,400
6. If a LIFO stock valuation method were used, the cost of material X issued to production in the
month would be:
A $5,150
B $5,350
C $5,450
D $5,550
100 \times \$5
100 \times \$4.5 + 100 \times \$5
100 \times \$5 + 100 \times \$6 = 1100

Data for questions 5 and 6
Aberdeen Ltd holds stocks of Material X that it uses in production. Over the last month receipts and
issues were as follows:
Opening Balance
Receipts
Issues
5 May
200 at 5
7 May 400
12 May
300 at4.50
23 May 400
22 May
100 at 6
30 May 200
29 May
400 at5.50
200 at 7
5. If a FIFO stock valuation method were used, the value of stocks at the month end would be:
A1,000
B 1,100
C1,200
D 1,400
6. If a LIFO stock valuation method were used, the cost of material X issued to production in the
month would be:
A5,150
B 5,350
C5,450
D 5,550
100 ×$5
100 ×$4.5 + 100 ×$5
100 ×$5 + 100 ×$6 = 1100

Added by Patrick B.

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