From the following transactions, prepare separately the stores ledger account using (1) FIFO and (2) LIFO. January
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From the following transactions, prepare separately the stores ledger account using (1) FIFO and (2) LIFO.
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January 1. Opening balance 5. Received 100 units @Rs. 5 each 500 units @ Rs. 6 each 20. Issued February 5 Issued February 6 Received back from 300 units 200 units Work order issued on 5 Feb 10 units 7. Received 600 units @ Rs. 5 each 20. Issued 300 units 25. Returned to supplier 50 units purchased 26. Issued March 10. Received 15. Issued on 7 February 200 units 500 units at Rs. 7 per unit 300 units Stock verification on 15 March revealed a shortage of 10 units.
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