fifo

System
System Posts: 100,534 🤖 Admin 🤖
edited 10:30AM in AAT student discussion
I am having a problem working out how the balance of stock is worked out in the last column on the stock card. I am able to fill in the receipts and issues however when it comes to working out the balance I am not sure what figure goes in the balance and what to say to work it out and show a balance. Can someone point me in the right direction?

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  • System
    System Posts: 100,534 🤖 Admin 🤖
    fifo

    Hi Georgina.<BR><BR>You have your headings across the top- date, issued units, received units, unit balance, price per unit, amount (per issue/ receipt) and balance.<BR><BR>If you receive 50 units @ £10 each, your balance will be £500. <BR>If you then receive 30 units @ £11 each, your running balance is now £830.<BR><BR>If you issue 60 units (FIFO) 50 @ £10 and 10 @ £11, your running balance is now £220<BR><BR>Hope this helps, Scott.
  • System
    System Posts: 100,534 🤖 Admin 🤖
    fifo

    Hi Scott<BR><BR>Thanks for your reply. It did help. I am going to do some homework so I'll know later whether I understand it, Georgina

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