A fi rm maintains its stores ledger on the FIFO method. During the month of June 2009,
Question:
A fi rm maintains its stores ledger on the FIFO method. During the month of June 2009, the following receipts and issues of materials were made. You are required to record these transactions in the stores ledger.
Receipts:
1 June Balance 100 units @ Rs. 5 per unit 4 June Purchase Order No. 101, 80 units @ Rs. 4/unit 8 June Purchase Order No. 103, 60 units @ Rs. 5/unit 15 June Purchase Order No. 102, 40 units @ Rs. 3/unit 25 June Purchase Order No. 104, 80 units @ Rs. 6/unit Issues:
11 June Material Requisition No. 21, 120 units 14 June Material Requisition No. 22, 50 units 16 June Material Requisition No. 23, 40 units 20 June Material Requisition No. 24, 20 units 27 June Material Requisition No. 25, 30 units
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