The stores ledger account of material C in the book of Chemical Process Ltd. shows the following transactions for the month of December 1995.
|
1995 |
|
|
1 December |
Opening stock is 200 kg at Rs 7.50 per kg |
|
5 |
Received from supplier 5,400 kg at Rs 7.75 per kg |
|
8 |
Issued to production department 240 kg |
|
10 |
Issued 160 kg |
|
12 |
Received from supplier 500 kg at Rs 7.90 per kg |
|
15 |
Issued to production department 400 kg |
|
16 |
Received from supplier 250 kg at Rs 8.00 per kg |
|
19 |
Received from supplier 600 kg at Rs 8.25 per kg |
|
21 |
Issued to department 350 kg |
|
24 |
Issued to production department 260 kg |
|
27 |
Issued 340 kg |
All are required to price the issues and draw out the closing balances in the form of stores ledger account under the pricing method of LIFO.