NAME . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . DATE . . . . . . . . . . .

..................

Seaman Washing machine Inc. engaged in the transactions which are as follows:

Mar 1 Purchase 68 units @ $15.00 per unit

5 Purchase 140 units @ $15.50 per unit
9 Sale 94 units @ $19.00 per unit
11 Purchase 40 units @ $16.00 per unit
16 Purchase 78 units @ $16.50 per unit
20 Sale 116 units @ $19.50 per unit
29 Sale 62 units @ $21.00 per unit

Use the forms provided to calculate the value of closing stock using the following methods:

a) LIFO (8 MARKS)
b) FIFO (8 MARKS)
c) AVCO (9 MARKS)

SEAMAN WASHING MACHINE INC.

Records of Transactions
January
LIFO METHOD
DATE RECEIPTS ISSUES BALANCE STOCK VALUE
March 1
March 5
March 9
March 11
March 16
March 20
March 29

SEAMAN WASHING MACHINE INC.

Records of Transactions
January
FIFO METHOD
DATE RECEIPTS ISSUES BALANCE STOCK VALUE
March 1
March 5
March 9
March 11
March 16
March 20
March 29

SEAMAN WASHING MACHINE INC.

Records of Transactions
January
AVCO METHOD
DATE RECEIPTS ISSUES BALANCE STOCK VALUE AVERAGE
VALUE
March 1
March 5
March 9
March 11
March 16
March 20
March 29