Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Q5: A shop stocks shoes which sells at Rs 550 each to avoid overstocking and because of limited space, the deliveries from four manufacturers, at
Q5: A shop stocks shoes which sells at Rs 550 each to avoid overstocking and because of limited space, the deliveries from four manufacturers, at different prices, are made to the shop on a weekly basis at opening time on Monday morning. During October, the deliveries and sales were as shown below and there was an opening stock of 100 shoes which has been purchased in September, at Rs 290 each. 1/2 Shoes purchased Number of shoes Week No. Number Cost Each Sold 01 200 300 150 02 300 330 330 03 400 290 350 04 300 350 390 Trading accounts are prepared monthly and from information given above, you are required to; Required: Prepare stock record (Material ledger cards) for the transactions based on two methods of pricing issues listed below: a) LIFO b) Weighted average
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started