The FlyOnTheWall Company Made the Following Purchases of Camera Components

question 10

Multiple Choice

The FlyOnTheWall company made the following purchases of camera components:
$$\begin{array} { l l l l r } \text { Date } & \text { Units } & \text { Cost price per unit } & \text { Amount } & \text { Total } \\1 \text { st Feb } & 800 & £ 10 & 8,000 & 8,000 \\15 \text { th Feb } & 1,000 & f 9 & 9,000 & 17,000 \\25 \text { th Feb } & 6,000 & £ 11 & 6,600 & 23,600\end{array}$$
The company took out a job on the 27th February,using 1,200 components.Show the price charged for the job under the last in first out approach (LIFO)

• A) £11,800
• B) £12,000
• C) £11,600
• D) £12,800

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Definitions:

Cash Balance

The amount of cash held by a company at a given point in time.

Minimum Cash Balance

The lowest amount of cash that a company aims to hold in its bank accounts at any time to meet routine operational expenses.

Cash Receipts

Money received by a business, including payments from customers, cash sales, and other sources of income.

Budgeted Beginning

The initial planned value or quantity for financial accounts or inventory levels at the start of a budget period.