The following data relates to material H.If the FIFO method of valuation is used, what is the value of the issue on 15 June?
A. $675
B. $696
C. $750
D. $756
The following data relates to material CTF.If the LIFO method of valuation is used, what is the value of the closing inventory balance at the end of April?
A. $390
B. $1,141
C. $1,266
D. $1,641
Cloudy Co bought $200,000 worth of raw materials and issued $150,000 to production.Which TWO of the following are the correct bookkeeping entries?
A. Dr Raw materials, $200,000, Cr Bank, $200,000
B. Dr Work-in-progress, $150,000, Cr Raw materials, $150,000
C. Dr Raw materials, $150,000, Cr Work in progress, $150,000
Dr Bank, $200,000, Cr Raw materials, $200,000
Which of the following statements concerning inventory management is TRUE?
A. Continuous stocktaking involves frequent counts and checks on a proportion of the inventory items
B. For management accounts we must use the first in first out (FIFO) valuation method
C. Value of closing inventory + cost of goods produced - value of opening inventory = cost of sales
D. Setting a maximum control level seeks to ensure that a stockout does not occur
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