Q1. The following are details regarding material X in respect to ABC CO.

ReceiptsJan 1, 2021 Balance50 units@4 per unit

Jan 5, 2021 Purchase40 units@3 per unit

Jan 8, 2021Purchase30 units@ 4 per unit

Jan 18,2021 Purchase20 units@5 per unit

Jan 26, 2021 Purchase40 units@ 3 per unit

IssuesJan 10, 2021 Issued70 units

Jan 12, 2021 Issued10 units

Jan 20, 2021 Issued20 units

Jan 24, 2021Issued10 units

The company follows the perpetual inventory system for maintaining its stores record

Required

Prepare the value of inventory in store on Jan 31, 2021 Using LIFO and FIFO methods