Lords Co. Ltd has purchased and issued material Z as follows:
|
April |
1. Opening stock |
3,000 units at Rs. 6 per unit |
|
3. Purchased |
750 units at Rs. 7 per unit |
|
|
6. Purchased |
1,050 units at Rs. 7.50 per unit |
|
|
9. Issued |
1,100 units |
|
|
12. Purchased |
450 units at Rs. 9 per unit |
|
|
14. Purchased |
300 units at Rs. 8 per unit |
|
|
15. Issued |
500 units |
|
|
17. Purchased |
300 units at Rs. 10 per unit |
|
|
25. Purchased |
250 units at Rs. 9.50 per unit |
|
|
30. Issued |
300 units |
Ascertain the value of closing stock under HIFO method of pricing issues.