Page 50 - Accountancy_F5

of the closing inventory at the end of the reporting period. The following is a solution
to Example 2.3 following the principles used in FIFO, LIFO and WAM, respectively.
(a) FIFO method under the perpetual stock-taking system

Inventory valuation sheet for door carpets

Date PURCHASED SOLD BALANCE
FOR ONLINE READING ONLY
Unit Total cost Unit Total cost Unit Total cost
2023 Units cost Units cost Units cost
TZS TZS TZS TZS TZS TZS
5 Jan. 120 6,000 720,000 120 6,000 720,000
th
10 Feb. 120 6,000 720,000 0 0 0
th
LANGUAGE EDITING
28 Mar. 280 6,200 1,736,000 280 6,200 1,736,000
th
3 Apr. 160 6,200 992,000 120 6,200 744,000
rd
10 Apr. 160 6,300 1,008,000 120 6,200 744,000
th
160 6,300 1,008,000
280 1,752,000
20 May 80 6,200 496,000 40 6,200 248,000
th
160 6,300 1,008,000
200 1,256,000
240
6,400
40
6,200
1,536,000
th
30 Jun. LANGUAGE EDITING 248,000
160 6,300 1,008,000
240 6,400 1,536,000
440 2,792,000
10 Jul. 40 6,200 248,000
th
160 6,300 1,008,000 240 6,400 1,536,000
4 Aug. 100 6,400 640,000 140 6,400 896,000
th
28 Aug. 400 6,600 2,640,000 400 6,600 2,640,000
th
540 3,536,000
2 Sept. 140 6,400 896,000
nd
80 6,600 528,000 320 6,600 2,112,000
th
10 Nov. 100 6,800 680,000 320 6,600 2,112,000
100 6,800 680,000
420 2,792,000
20 Dec. 280 6,600 1,848,000 40 6,600 264,000
th
100 6,800 680,000
1300 8,320,000 1160 7,376,000 140 944,000

Student’s Book Form Five
37

23/06/2024 17:34
ACCOUNTANCY_DUMMY_23 JUNE.indd 37
ACCOUNTANCY_DUMMY_23 JUNE.indd 37 23/06/2024 17:34