This is my homework question.

The following information relates to the receipts and issues of stock by the Beersing Company, during the month of August 1999. There was no opening stock at August 1, 1999.

Receipts:

August 5 300 units at $2 each
10 500 units at $4 each
18 400 units at $5 each
26 800 units at $6 each




Issues:

August 8 200 units
20 800 units
30 800 units


(a) Prepare the Stock Card provided for the month of August 1999, assuming that the Beersing Company uses the Average Cost Method (AVCO) of Stock Valuation.

(b) (I) What was the value of total purchases for the month?

(ii) What was the value of stock issue for the month?

(iii) What was the value of closing stock at the end of August?


(c) What information from the Stock Card should have appeared on the:

(I) Trading Account?

(ii) Balance Sheet?

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