issues are to be priced on the principle of fifo the stock verifier noted that on 15 558872

Aug 29, 2021 | Uncategorized

The following transactions are recorded in respect of materials used in a factory during April 1984:

1 April

Opening balance

500 tonne at Rs 25

2

Issue

70 tonne

4

Issue

100 tonne

7

Issue

80 tonne

12

Received from vendor

200 tonne at Rs 26

14

Return of surplus from a work order

15 tonne at Rs 25

16

Issue

180 tonne

20

Received from vendor

240 tonne at Rs 25

24

Issue

300 tonne

25

Received from vendor

320 tonne at Rs 28

26

Issue

112 tonne

27

Refund of surplus from a work order

12 tonne at Rs 27

28

Received from vendor

100 tonne at Rs 29

Issues are to be priced on the principle of FIFO. The stock verifier noted that on 15 April he found a shortage of 5 tonne and on 27 April another shortage of 8 tonne. Write the stores ledger account.