Question
The following are the information on materials handled by the store keeper of XYZ Company during the month of January, 2020. Date Particulars Units and
- The following are the information on materials handled by the store keeper of XYZ Company during the month of January, 2020.
| Date | Particulars | Units and rate ($) |
| Jan. 1 | Opening balance | 400 units @ $ 4 |
| 5 | Purchases | 100 units @ $ 4.25 |
| 12 | Purchases | 200 units @ $ 4.10 |
| 20 | Purchases | 400 units @ $ 4.50 |
| 25 | Purchases | 200 units @ $ 4 |
| 4 | Issue | 200 units |
| 10 | Issue | 300 units |
| 15 | Issue | 100 units |
| 26 | Issue | 200 units |
| 30 | Issue | 300 units |
You are required to prepare stores ledger adopting the following methods of inventory valuation:
- Simple average method
- Last In First Out method
2. The following are the information on wage systems followed XYZ Company during the month of November, 2020.
| Particulars | Bader | Nasser |
| Time allowed | 40 hours | 40 hours |
| Time taken | 34 hours | 46 hours |
| Rate per hour | $ 10 | $ 10 |
You are required to calculate wages of workers for the under:
1) Halsey Weir Plan
2) Rowan Plan
3) Halsey Plan
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