From the following transactions, prepare separately the stores ledger account using (1) FIFO and (2) LIFO.
|
January |
1. Opening balance |
100 units @ Rs. 5 each |
|
5. Received |
500 units @ Rs. 6 each |
|
|
20. Issued |
300 units |
|
|
February |
5 Issued |
200 units |
|
February |
6 Received back from Work order issued on 5 Feb |
10 units |
|
7. Received |
600 units @ Rs. 5 each |
|
|
20. Issued |
300 units |
|
|
25. Returned to supplier |
50 units purchased on 7 February |
|
|
26. Issued |
200 units |
|
|
March |
10. Received |
500 units at Rs. 7 per unit |
|
15. Issued |
300 units |
Stock verification on 15 March revealed a shortage of 10 units.