Atom Ltd’s opening inventory balance at 1 January 2020 was 58 units of LED screens valued at $ 17.80 each. The company’s storekeeper has prepared the following records:
| Date | Received Units | Purchase price Per Unit($) |
|
Date | Issued Units | Selling Price Per Unit ($) |
| Jan | Jan | |||||
| 3 | 62 | 17.40 | 4 | 68 | 61.50 | |
| 8 | 54 | 17.25 | 10 | 48 | 59.00 | |
| 26 | 52 | 16.65 | 28 | 56 | 57.20 |
The company incurred the following expenses during the month of January 2020:
$
Salaries 2,240
Rental 3,100
Required:
- Prepare the stock record card to record the stock movement for the month of January 2020 using the First-in First-out Method (FIFO).
- State the quantity and value of the stock available on hand as at 26 January 2020.
- Prepare the Income Statement for Atom Ltd to determine the profit or loss using the First-in First-out Method (FIFO).
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