Prepare stores ledger accounts for the month of August, pricing the materials issued based on FIFO and
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Prepare stores ledger accounts for the month of August, pricing the materials issued based on FIFO and LIFO:
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January 1. Opening stock: 2. Issued to Job No. 1: 5. Purchased: 6. Condemned due to thus scrapped: 200 tonne @ Rs. 460 140 tonne 350 tonne @ Rs. 450 deterioration in quality and 30 tonne 10. Issued to Job No. 10: 11. Issued to Job No. 29: 15. Purchased: 21. Issued to Job No. 39: 24. Purchased: 29. Issued to Job No. 45: 80 tonne 210 tonne 200 tonne @ Rs.480 120 tonne 180 tonne @ Rs.470 280 tonne 31. Stock verification reveals excess stock of 10 tonne
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