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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 the Accounting Grade 12 course. The Grade 12 Accounting: Inventory Valuation and Internal Control Questions and Answers study material will assist you with Accounting Subject Revisions, Tests, Exams, and Assignments.

Accounting Grade 12 focuses on performance measurement as well as the processing and communication of financial information concerning economic sectors. This discipline ensures that ethical behavior, openness, and accountability are followed. As a Grade 12 Accounting student, you will be responsible for 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 to 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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