Green Ltd was following LIFO Method of valuation of stock. Due to promulgation of revised accounting standard they want to switch over to FIFO Method. From the following
- Draw up stock ledgers under FIFO and LIFO Methods of valuation of stocks,
- Find out the Closing Stock and cost of materials consumed under each of the above two methods.
Opening Stock 2,500 metric tonnes @ Rs 22 per MT = Rs 55,000
|
Purchases |
|
|
1.9.2009 |
(500 MT @ Rs 30 per MT) |
|
6.9.2009 |
(1,000 MT @ Rs 35 per MT) |
|
10.9.2009 |
(750 MT @ Rs 38 per MT) |
|
16.9.2009 |
(750 MT @ Rs 35 per MT) |
|
21.9.2009 |
(1,000 MT @ Rs 32 per MT) |
|
27.9.2009 |
(1,000 MT @ Rs 35 per MT) |
|
30.9.2009 |
(750 MT @ Rs 30 per MT) |
|
Issues |
|
|
1.9 to 6.9.2009 |
(1,000 MT) |
|
7.9 to 10.9.2009 |
(1,500 MT) |
|
11.9 to 21.9.2009 |
(2,000 MT) |
|
22.9 to 26.9.2009 |
(1,500 MT) |
|
27.9 to 30.9.2009 |
(1,500 MT) |