In the beginning of October 1994, Bangalore Tin Co. had 10,000 lb of tin at Rs 2 per lb. Further purchases were made during the month as follows:
|
4 October |
2,000 lb at Rs 2.50 per lb |
|
10 October |
6,000 lb, at Rs 2.00 per lb |
|
20 October |
10,000 lb at Rs 3.50 per lb |
The issues to manufacture were as follows:
|
12 October |
16,000 lb |
|
22 October |
10,000 lb |
Write the stores ledger cards with the aforementioned transactions based on both the FIFO and LIFO methods. What will be the value of closing stock in each case?