Hi,
On practice exam 1, it asks me to work out the closing inventory on a FIFO basis - I can work out everything else other than the closing inventory for month 3 as the sales is more than the production.
The details are as follows:
Month 1 Month 2 Month 3
Selling price 110 100 90
Production (units) 10000 10000 10000
Sales (units) 8000 9000 11000
Direct materials 15 15 15
Direct Labour 10 10 10
Other Variable production costs 230,000 230,000 250,000
Fixed production costs 450,000 450,000 450,000
Please can someone help![:)]( ":)")
On practice exam 1, it asks me to work out the closing inventory on a FIFO basis - I can work out everything else other than the closing inventory for month 3 as the sales is more than the production.
The details are as follows:
Month 1 Month 2 Month 3
Selling price 110 100 90
Production (units) 10000 10000 10000
Sales (units) 8000 9000 11000
Direct materials 15 15 15
Direct Labour 10 10 10
Other Variable production costs 230,000 230,000 250,000
Fixed production costs 450,000 450,000 450,000
Please can someone help
