The following receipts and issues of materials were made during the month of Jan.

2009:

Jan. 1 Opening Balance: 80 units @ Rs. 1.00 per unit Jan. 7 Purchases: 40 units @ Rs. 1.10 per unit Jan. 12 Purchases: 60 units @ Rs. 1.20 per unit Jan. 22 Purchases: 72 units @ Rs. 1.25 per unit Jan. 4 Issue: 60 units Jan. 9 Issue: 40 units Jan. 14 Issue: 40 units Jan. 30 Issue: 80 units Prepare the Stores Ledger Account maintained under: (i) FIFO, and

(ii) LIFO method.

[Ans.: (i) FIFO: 32 units @ Rs. 1.25 per unit. (ii) LIFO: 20 units

@ Rs. 1.00 per unit, 12 units @ Rs. 1.20 per unit.]