From the following transactions, prepare Stores Ledger Account using FIFO and LIFO methods of pricing the issues.
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From the following transactions, prepare Stores Ledger Account using FIFO and LIFO methods of pricing the issues.
2009 January 1 Opening balance - 100 units @ Rs. 5 per unit January 5 Purchases - 500 units @ Rs. 6 per unit January 20 Issue 300 units Feb. 5 Issue 200 units Feb. 6 Purchases 600 units @ Rs. 5 per unit.
Feb. 10 Issue 300 units Feb. 12 Issue 250 units [Ans.: FIFO method: 150 units @ Rs. 5 per unit.
LIFO method: 150 units @ Rs. 5 per unit.]
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