At the beginning of November the opening stock of a particular component was 440 units, total value £2200 . During the month , the following supplies were received 8.11 .1979 400 units, total value £1800 15.11 .1979 400 units, total value £2200 22.11 .1979 400 units, total value £2400 There is a standard carriage charge included in the above amounts, of £100 per delivery, for transporting the components to the factory .
The invoice for the goods received on 22 November had not been received by the end of the month .
Shown below are the issues from store during November:
2.11 .1979 300 units 16 .11 .1979 500 units 9.11.1979 50 units 20.11.1979 20 units 13.11 .1979 300 units 28.11.1979 30 units The components issued on 9 November were used in the general plant maintenance programme and those issued on 20 November were incorporated into plant and equipment being constructed by the company's engineers to mechanize part of the manufacturing process. All other issues were made direct to production for inclusion in the output of the company 's products, the issue on 28 November being to replace components damaged by incorrect handling.
On 21 November 40 units were returned to store from production and, at the end of the month, the closing stock was 440 units.
Required:
{a) Record the months's transactions 1n a stores account for this component indicating very clearly the account into which (or from which) the corresponding entry should be posted . You should assume the company operates an historic batch costing system, fully integrated with the financial accounts , and uses a first-in, first-out method of pricing material issues.

(b) Briefly contrast the effects of using first-in, first-out with the last-in , first-out method of pricing material issues from store.