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Dischem (Pty) is a general dealer


Dischem (Pty) is a general dealer. Transactions recorded for the period are as follows: 2 March Opening inventory 100 units @N$5.00 per unit 5 March Received 120 units @N$5.75 per unit 6 March Received 180 units @N$6.00 per unit 7 March Issued 200 units 8 March Issued 150 units 9 March Return to supplier 20 units 10 March Issued 20 units The units returned to the supplier were units purchased on 6 March Required: Calculate the value of closing inventory, using the following inventory valuation methods: a) First in First Out (FIFO) b) Weighted Average (AVCO) EXERCISE 2 Pupkewitz Ltd had the following transactions in one of its raw materials during April Opening stock 40 units @N$10 each April 4 Bought 140 units @N$11 each April 10 Used 90 units April 12 Bought 60 units @N$12 each April 13 Used 100 units April 16 Bought 200 units @N$10 each April 21 Used 70 units April 23 Used 80 units April 26 Bought 50 units @N$12 each April 29 Used 60 units 1. Required: Write up the stores ledger card using the following inventory valuation methods: a. First in First Out (FIFO) b. Weighted Average (AVCO) Determine the cost of material used for each system during April

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