A clothing manufacturer commenced business on 1 January 1989. Textile materials used by the manufacturer include two types: M and N. During the six months till 30 June 1989, purchases were as follows:
|
4 January |
1,000 m of type M |
Rs 10.00 per metre |
|
6 January |
1,600 m of type N |
Rs 15.00 per metre |
|
18 March |
2,300 m of type M |
Rs 12.00 per metre |
|
16 April |
3,000 m of type N |
Rs 16.00 per metre |
|
26 May |
800 m of type M |
Rs 9.50 per metre |
Issues from the storeroom to the factory were as follows:
|
7 January |
700 m of M |
|
12 January |
1,200 m of N |
|
28 March |
1,420 m of M |
|
22 April |
2,860 m of N |
|
1 June |
1,580 m of M |
Materials were charged to the factory at cost on the FIFO principle. Prepare stores ledger account.