The following is the summary of the receipts and issues of material in a factory during December
2007. Prepare Store Ledger according to First in First Out Method. December 2007
1. Opening balance 500 units @ Rs.25 per unit
3. Issue 70 units
4. Issue 100 units
8. Issue 80 units
13. Received from supplier 200 units @ Rs.24.50 per unit
14. Returned to store 15 units @ Rs.24 per unit
16. Issue 180 units.
20. Received from supplier 240 units @ Rs.24.75 per unit
24. Issue 304 units.
25. Received from supplier 320 units @ Rs.24.50 per unit
26. Issue 112 units
27. Returned to store 12 units @ Rs.24.50 per unit
28. Received from supplier 100 units @ Rs.25 per unit
It was revealed that on 15th there was a shortage of five units and another on 27th of 8 units.