From the following particulars for the months of Dec 2009, find out the cost of inventory on Dec 31, 2009 under Perpetual Inventory System using FIFO Method of pricing issue of materials:
|
Date |
Particulars |
Quantity (Kg) |
Rate per Kg (Rs) |
|
Dec 1 |
Opening Inventory |
600 |
100 |
|
Dec 3 |
Purchase of material |
3,000 |
140 |
|
Dec-10 |
Issue of material |
2,400 |
— |
|
Dec-12 |
Purchase of material |
1,500 |
160 |
|
Dec-20 |
Issue of material |
300 |
— |
|
Dec-22 |
Purchase of material |
450 |
180 |
|
Dec-27 |
Issue of material |
540 |
— |