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($)||
|Date||Issued Units||Selling Price Per Unit ($)|
The company incurred the following expenses during the month of January 2020:
- 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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