Page 82 - Accountancy_F5
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Required:
(a) Compute the cost of sales during September 2023 and the closing inventory as
at 30 September 2023 using the perpetual inventory system and FIFO method;
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and
(b) Compute the cost of sales during September 2023 and the closing inventory
FOR ONLINE READING ONLY
as at 30 September 2023 using the perpetual inventory system and moving
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averages.
4. Given the following information of Manda Company for the year ended 30
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June 2024
Costs price Retail price
LANGUAGE EDITING
Dates Details
TZS TZS
1 July 2023 Opening inventory 270,000 432,000
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30 January 2024 Purchases 217,500 318,000
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30 April 2024 Sales - 255,000
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Required: Calculate the value of closing inventory using the following methods:
(a) Weighted average cost, and
(b) FIFO LANGUAGE EDITING
5. Two brothers, Edward and Hamdani started a business of importing perfumes
from Dubai and sell them in Arusha. They made the following transactions during
the first seven weeks of their business:
Week Transactions
1 Bought package A, 200 boxes @ TZS 60,000
2 Sold 100 boxes @ TZS 112,500
3 Bought package B, 250 boxes @ TZS 90,000
4 Sold 100 boxes @ TZS 120,000
5 Bought package C, 350 boxes @ TZS 105,000
6 Sold 150 boxes @ TZS 90 each and 100 boxes @ TZS 127,500
7 Sold 180 boxes @ TZS 142,500
Student’s Book Form Five
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