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Tasks on FIFO, LIFO, AND AVCO
- Module
- Introduction to accounting
- Institution
- University Of Glasgow
Tasks on FIFO, LIFO, AND AVCO. Use this after reading the handbook.
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Task 1Bubble Pop Ltd
The below shows the receipts and issues of Bubble Pop Ltd during July. You should update the
inventory ledger cards to reflect the transactions taken place during the month, using the relevant
inventory valuation method noted on each card.
Goods Received Notes (GRN):
Receipts
GRN No. Date Product Quantity Price Details
1081 01.07.22 BUC1 400kg £10 per kg Supplier: Sparkle Ltd
1082 06.07.22 BUC7 600kg £12 per kg Supplier: Bute Plc
1083 10.07.22 BUC8A 300 liters £17.50 per liter Supplier: Pom.com
1084 18.07.22 BUC1 600kg £15 per kg Supplier: Fizz’R’Us
1085 28.07.22 BUC8A 200 liters £20 per liter Supplier: Pom.com
Material Requisition Notes (MRN):
Issues
MRN No. Date Product Quantity Details
6541 02.07.22 BUC1 300kg Job VIZ456
6542 14.07.22 BUC7 250kg Job VIZ457
6543 14.07.22 BUC1 175kg Job VIZ458
6544 16.07.22 BUC56 10kg Job VIZ459
6545 16.07.22 BUC56 3kg Job VIZ459
6546 22.07.22 BUC8A 140 liters Job VIZ460
6547 24.07.22 BUC1 225kg Job VIZ461
6548 25.07.22 BUC56 9kg Job VIZ462
6549 26.07.22 BUC8A 105 liters Job VIZ463
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