Buisness Management

In: Business and Management

Submitted By bkataria
Words 814
Pages 4
THE BOOTS AND CO LTD PART 2 CLOSING STOCK VALUATION Product 1: THETA 5
Month Receipts Cost Issue FIFO LIFO
Jan 300 4.5 1,350 1,350
Feb 200 4.5 150 1,575 1,575
Mar 400 4.5 3,375 3,375
Apr 4.5 250 2,250 2,250
May 400 4.5 100 3,600 3,600
Jun 300 5 5,100 5,100
Jul 150 4,425 4,350
Aug 400 5 6,425 6,350
Sep 300 5 7,925 7,850
Oct 400 6,125 5,850
Nov 400 6 8,525 8,250
Dec 6 250 7,400 6,750
Total 2,700 1,300

Closing stock (FIFO) = £7,400 Closing stock (LIFO) = £6,750
The closing stock value according to AVCO is done below for THETA 5. Average cost of receipt (£) 4.91
Stock Left 1,400
Closing stock valuation (£) 6,870

Product 2: AXIS 34
Month Receipts Cost Issue FIFO LIFO
Jan 200 6 1,200 1,200
Feb 400 6 200 2,400 2,400
Mar 300 6 4,200 4,200
Apr 300 6 150 5,100 5,100
May 500 6 8,100 8,100
Jun 500 6 350 9,000 9,000
Jul 6 150 8,100 8,100
Aug 400 7 10,900 10,900
Sep 300 7 300 11,200 10,900
Oct 300 7 200 12,100 11,600
Nov 200 7 300 11,700 10,900
Dec 350 7 14,150 13,350
Total 3,750 1,650

Closing stock value (FIFO) = £14,150
Closing stock value (LIFO) = £13,350
The closing inventory stock according to AVCO is done below for AXIS 34. Average cost of receipt (£) 6.41
Inventory Left 2,100
Closing stock valuation (£) 13,468
As the price of the purchase of the stock is continuously on the increase during the months given, LIFO is the best stock valuation as it accurate captures the cost of the remaining stock since it takes into consideration that last in stock is sold first thus reflecting the increase in cost in inventory being used. COMPONENT a
Particular Budgeted Actual Variance %
Production Quantity 86,000 93,000 7,000…...

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