From the following transactions, prepare separately the stores ledger account, using the (i) FIFO and (ii) LIFO methods:
|
1 January |
Opening balance |
100 units at Rs 5 each |
|
5 |
Received |
500 units at Rs 6 each |
|
20 |
Issued |
300 units |
|
5 February |
Issued |
200 units |
|
6 February |
Received back from work order |
10 units |
|
Issued on 5 February |
||
|
7 February |
Received |
600 units at Rs 5 each |
|
20 February |
Issued |
300 units |
|
25 February |
Returned to supplier |
50 units purchased on 7 February |
|
26 February |
Issued |
200 units |
|
10 March |
Received |
500 units at Rs 7 per unit |
|
15 March |
Issued |
300 units |
Stock verification on 15 March revealed a shortage of 10 units.