Explain the following two methods of pricing of material issues and also the circumstances under which these methods are used: FIFO and LIFO
Draw a stores ledger card recording the following transactions that took place in a month under the aforementioned two methods:
|
1,994 |
||||
|
1 |
January |
Opening stock |
200 pieces |
Rs 2 each |
|
5 |
January |
Purchases |
100 pieces |
Rs 2.20 each |
|
10 |
January |
Purchases |
150 pieces |
Rs 2.40 each |
|
20 |
January |
Purchases |
180 pieces |
Rs 2.50each |
|
2 |
January |
Issues |
150 pieces |
|
|
7 |
January |
Issues |
100 pieces |
|
|
12 |
January |
Issues |
100 pieces |
|
|
28 |
January |
Issues |
200 pieces |