This is for Accounting Grade 12 subject. Inventory Valuation and Internal Control Questions and Answers study content will help you with your Accounting Subject Revisions, Tests, Exams, and Assignments.
Inventory Valuation and Internal Control Questions and Answers
You are provided with information relating to Michelle Stores. The business sells blankets and towels. The financial year ends on 28 February each year. The business uses both First in First Out (FIFO) and weighted average methods to value the stock.
- Use the information given to calculate the closing stock value of:
- Towels (using the FIFO method)
- Blankets (using the weighted-average method)
Calculate the following for towels (you may prepare a trading account to calculate these figures):
- Cost of sales
- Stock turnover rate