Model: LIFO method
A firm maintains the stores ledger on the LIFO method. During the month of July 2009, the following receipts and issues of materials were made. You are required to record these transactions in the stores ledger:
Receipts:
|
1 July |
Balance 100 units @ Rs. 10 per unit |
|
5 July |
Purchase Order No. 15, 80 units @ Rs. 8/unit |
|
8 July |
Purchase Order No. 16, 60 units @ Rs. 9/unit |
|
15 July |
Purchase Order No. 17, 40 units @ Rs. 10/unit |
|
28 July |
Purchase Order No. 18, 80 units @ Rs. 6/unit |
Issues:
|
10 July |
Materials Requisition No. 11, 140 units |
|
12 July |
Materials Requisition No. 12, 20 units |
|
20 July |
Materials Requisition No. 13, 40 units |
|
25 July |
Materials Requisition No. 14, 20 units |
|
31July |
Shortage 10 units |