Relevant to AAT Level 2 Elements of Costing. This activity requires students to complete a stock record card-calculating an issue price, and the balance of inventory value. Three sections-FIFO, LIFO, AVCO. Additional task requires students to calculate Sales, Cost of Sales and Gross Profit under the three methods. Illustrates which method may give highest inventory value, highest profit, etc.
Students can complete on paper or in Excel. Answer is provided.
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