Explain the following two methods of pricing of material issues and also the circumstances under which these methods are used: FIFO and LIFO Draw a stores ledger card recording the following transactions that took place in a month under the aforementioned two methods:

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1994 1 January Opening stock 200 pieces 5 January Purchases 100 pieces Rs 2 each Rs 2.20 each 10 January Purchases 150 pieces Rs 2.40 each 20 January Purchases 180 pieces Rs 2.50 each 2 January Issues 150 pieces 728 January Issues 100 pieces 12 January Issues 100 pieces 28 January Issues 200 pieces