(FIFO) Stock Valuation Method Assignment

On 1 May 2018, a flash flood destroyed some of the cotton housed at Mr. Fleet's warehouse. He is unsure of the amount of cotton that was destroyed and needs to provide detailed calculations to his insurance company. Mr. Fleet has asked you, his niece, studying towards your B.Com degree to assist in this regard because you have learned about the stock valuation methods. The following information, as set out below has been provided to you: . The financial year-end of the company is 31 October each year. The stock saved from flooding amounted to N$2880. There was no opening balance of cotton as of 31 October 2018.

The first in, first-out (FIFO) stock valuation method is used by Mr. Fleet. The following transactions, detailed below, appeared in the books for the period 1 November 2017 to 1 May 2018: Date of receipt Date of dispatch Cotton Sold (box) Selling price Cotton Cost per box purchases after exchange (box) rate conversion NS 40 180 190 200 NS 250 100 01/11/2017 08/02/2018 11/03/2018 80 10/02/2018 15/03/2018 25/03/2018 30/04/2018 101 400 REQUIRED: a) Assume there was no flood, calculate the value of inventory on hand on 30 April 2018 using the FIFO stock valuation. b) Based on original information, advise Mr. Fleet on the value of stock lost in the flood that should be provided to the insurance company. .

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