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Question Two: Portia Mensah Company Ltd provides you the following information during December 2020. December 2020: 1. Opening balance 700 units @ 25 per unit

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Question Two: Portia Mensah Company Ltd provides you the following information during December 2020. December 2020: 1. Opening balance 700 units @ 25 per unit 2. Received from supplier 300 units @ $26 3. Issue 100 units 4. Issue 170 units 8. Issue 1 10 units 13. Received from supplier 200 units @ 24.50 per unit 14. Returned to store 15 units @ 24 per unit 16. Issue 180 units. 20. Received from supplier 240 units @ $24.75 per unit 24. Issue 340 units. 25. Received from supplier 320 units @ 24.50 per unit 26. Issue 112 units 27. Returned to store 12 units @ 24.50 per unit 28. Received from supplier 100 units @ 25 per unit It was revealed that on 15th there was a shortage of 5 units and another 8 units on 27th. Physical verification on December 31st revealed an actual stock of 410 units. Required: Prepare Store Ledger according to a) First In First Out (FIFO) method of pricing issues b) Last in First Out Method (LIFO) method of pricing issues (10 marks) (10 marks)

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