Use the following information to calculate the value of inventory on hand on April 30 and issue price toproduction during April using FIFO inventory system.50 units @ R15 per01-April5Beginning InventoryPurchaseunit96Issue to production11Purchase16Purchase135 units @ 20 per unit95 units30 units @ R16 perunit78 units @ R17per unit302020Issue to production125 unitsIssue to production65 units

FIFO stands for "First-In, First-Out" A method of inventory valuation used in accounting and…

Beginning Inventory Purchase Issue to production 01-April 5 9 6 11 Purchase 16 Purchase 20 30 Issue to production Issue to production 50 units @R15 per unit 135 units @20 per unit 95 units 30 units @ R16 per unit 78 units @ R17per unit 125 units 65 units

Beginning Inventory Purchase Issue to production 01-April 5 9 6 11 Purchase 16 Purchase 20 30 Issue to production Issue to production 50 units @R15 per unit 135 units @20 per unit 95 units 30 units @ R16 per unit 78 units @ R17per unit 125 units 65 units

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter10: Inventory

Section: Chapter Questions

Problem 5EB: Bleistine Company had the following transactions for the month. Calculate the ending inventory...

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Question

Use the following information to calculate the value of inventory on hand on April 30 and issue price to
production during April using FIFO inventory system.
50 units @ R15 per
01-April
5
Beginning Inventory
Purchase
unit
9
6
Issue to production
11
Purchase
16
Purchase
135 units @ 20 per unit
95 units
30 units @ R16 per
unit
78 units @ R17per unit
30
20
20
Issue to production
125 units
Issue to production
65 units

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