Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

: Following is an extract of the record of receipts and issues of sulphur in a chemical factory during November, 2020:- November 1. Opening balance

image text in transcribed

: Following is an extract of the record of receipts and issues of sulphur in a chemical factory during November, 2020:- November 1. Opening balance 500 tonnes@ $200. 3. Issue: 70 tonnes 4. Issue : 100 tonnes 8. Issue 80 tonnes 13. Received from supplier 200 tonnes @ 190 14. Returned from department 15 tonnes 16. Issue : 180 tonnes Received from supplier 240 tonnes @3190 24. Issue: 300 tonnes 25. Received from supplier 320 tonnes 3190 26. : 115 tonnes 27. Returned from department 35 tonnes 28. Received from supplier 100 tonnes 3190 20. Issues are to be priced on the principal of 'First in First Out'. The stock verifier of the factory had found shortage of 10 tonnes on the 22nd and left a note accordingly. Draw up priced stores ledger card for the material, showing the above transactions. : Following is an extract of the record of receipts and issues of sulphur in a chemical factory during November, 2020:- November 1. Opening balance 500 tonnes@ $200. 3. Issue: 70 tonnes 4. Issue : 100 tonnes 8. Issue 80 tonnes 13. Received from supplier 200 tonnes @ 190 14. Returned from department 15 tonnes 16. Issue : 180 tonnes Received from supplier 240 tonnes @3190 24. Issue: 300 tonnes 25. Received from supplier 320 tonnes 3190 26. : 115 tonnes 27. Returned from department 35 tonnes 28. Received from supplier 100 tonnes 3190 20. Issues are to be priced on the principal of 'First in First Out'. The stock verifier of the factory had found shortage of 10 tonnes on the 22nd and left a note accordingly. Draw up priced stores ledger card for the material, showing the above transactions

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Using QuickBooks Accountant 2018 For Accounting

Authors: Glenn Owen

16th Edition

0357042085, 9780357042083

More Books

Students also viewed these Accounting questions

Question

Solve the following 1,4 3 2TT 5x- 1+ (15 x) dx 5X

Answered: 1 week ago