Question $4$

The following information are provided by Lae Biscuits Ltd$.$ Prepare a stores ledger account using the FIFO method of Principle of issue of materials during the year $2003.$

March $20211$ Opening balance $500$ units at K$200$ per unit

$4$ Issued to production $70$ units

$5$ Issued to production $100$ units

$7$ Issued to production $80$ units

$12$ Purchased materials $200$ units at K$190$ per unit

$15$ Returned to stores $15$ units

$17$ Issued to production $180$ units

$20$ Purchased materials $240$ units K $195$ per unit

$23$ Issued to production $300$ units

$25$ Purchased materials $320$ units at K$200$ per unit

$27$ Issued to production $115$ units

$29$ Returned to stores $35$ units

$31$ Purchased materials $100$ units at K$200$ per unit

Question $5$

The following information are provided by Laga Industries Ltd$.$ Prepare a stores ledger account from the transactions assuring that the issue of stores has been priced on the principle of the last in first out method.

March $20221$ Opening balance of $1,000$ units at K $20$ per unit

$5$ Purchased $260$ units at K $21$ per unit

$7$ Issued to production $700$ units

$11$ Purchased $400$ units at K $23$ per unit

$15$ Purchased materials $300$ units at K $25$ per unit

$20$ Issued to production $620$ units

$23$ Issued to production $240$ units

$25$ Purchased materials $500$ units at K $22$ per unit.

$31$ Issued to production $380$ units