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:

  1. Prepare the stock record card to record the stock movement for the month of January 2020 using the First-in First-out Method (FIFO).
  2. State the quantity and value of the stock available on hand as at 26 January 2020.
  3. 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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