1. (a) The following data represent the various receipts and issues of materials by the Storekeeper of Cossy Manufacturing Outfit in the month of April 2003 having a closing balance from March 2003 of 200 units valued at $360 per unit. Feb. 1 received 400 units at $380 per unit. Feb. 5 issued 500 units Feb. 10 received 600 units at $400 per unit Feb. 17 received 400 units at $350 per unit Feb. 22 issued 600 units Feb. 26 received 500 units at $280 Feb. 28 400 units issued. Assuming you are hired as a Store Assistant of the Manufacturing Outfit, you are required to enter the above data in the City's store ledger and clearly show the quantity (units) and value ($) of closing stock of Cossy Outfit using: (I) FIFO (ii) LIFO material pricing method. (b) Enumerate four features of a bin card.

2. From the following information, prepare a material cost report showing the following: (a) Minimum Stock Level (b) Re-order Stock Level (c) Maximum Stock level and (d) Economic Order Quantity. 10000 units of material will be used every day for a 360 days year. Each unit of the material will be used every day for a 360 days year. It will cost $25000 to place each order. Daily usage of material will not exceed 10500 units and will not be less than 9500 units. The maximum period of delivering order by the supplier is 4 days while the shortest delivering period could be 2 days.