Page 51 - Accountancy_F5

Cost of sales will be:
TZS
Total purchases 8,320,000
Less: Closing inventory (944,000)
Cost of sales 7,376,000
FOR ONLINE READING ONLY
(b) LIFO method under the perpetual inventory-taking system
LIFO’s inventory valuation sheet for door carpets

Date PURCHASED SOLD BALANCE
Unit Total cost Unit Total Unit Total
2023 Units cost Units cost cost Units cost 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
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 6,300 504,000 200 6,300 1,260,000
th
1,536,000
6,300 1,260,000
6,400
240
200
30 Jun. LANGUAGE EDITING
th
240 6,400 1,536,000
440 2,796,000
10 Jul. 100 6,400 640,000 140 6,400 896,000
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 2,640,000 140 6,400 896,000
th
400 6,600 2,640,000
540 3,536,000
2 Sept. 220 6,600 1,452,000 320 6,600 2,112,000
nd
10 Nov. 100 6,800 680,000 320 6,600 2,112,000
th
100 6,800 680,000
420 2,792,000

20 Dec. 280 6,800 1,904,000 140 6,800 952,000
th
1300 8,320,000 1160 7,450,000 140 870,000

Student’s Book Form Five
38

23/06/2024 17:34
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ACCOUNTANCY_DUMMY_23 JUNE.indd 38