Grade 12 Accounting: Inventory Valuation and Internal Control Questions and Answers

Grade 12 Accounting: Inventory Valuation and Internal Control Questions and Answers:

This is for Accounting Grade 12 subject. The Grade 12 Accounting: Inventory Valuation and Internal Control Questions and Answers study content will help you with your Accounting Subject Revisions, Tests, Exams, and Assignments.

Accounting Grade 12 focuses on measuring performance, and processing and communicating financial information about economic sectors. This discipline ensures that principles such as ethical behaviour, transparency and accountability are adhered to. As a Grade 12 Accounting student, you will be dealing with the logical, systematic and accurate selection and recording of financial information and transactions, as well as the compilation, analysis, interpretation and communication of financial statements and managerial reports for use by interested parties.

Inventory Valuation and Internal Control Questions and Answers

You are provided with information relating to Michelle Stores.  The business sells blankets and towels.  The financial year ends on 28 February each year.  The business uses both First in First Out (FIFO) and weighted average methods to value the stock.

• Use the information given to calculate the closing stock value of:
  • Towels (using the FIFO method)
  • Blankets (using the weighted-average method)

Calculate the following for towels (you may prepare a trading account to calculate these figures):

• Cost of sales
• Stock turnover rate

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