A Company started on 1st January 2009, purchased raw material during 2009 as stated below January 2
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A Company started on 1st January 2009, purchased raw material during 2009 as stated below January 2 800 kg @ Rs. 62 per kg.
February 26 1,200 kg @ Rs. 57 per kg.
April 13 2,500 kg @ Rs. 59 per kg.
July 10 3,000 kg @ Rs. 60 per kg.
September 18 1,500 kg @ Rs. 60 per kg.
November 29 1,000 kg @ Rs. 65 per kg.
While preparing its final accounts on 31st December 1992 the company had 1,300 kg. raw material in its godown.
Calculate the values of closing stock of raw material according to:
(i) FIFO basis.
(ii) LIFO basis, and
(iii) Weighted Average basis.
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Related Book For
Zero To Mastery In Accounting Become A High Level Accounting Manager
ISBN: 9789392475177
1st Edition
Authors: HECTOR ROBINETT
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