The Store Ledger Account for Material X in a manufacturing concern reveals the following data for the quarter ended on 30th September
|
Date |
Particulars |
Receipts |
Issue |
||
|
Quantity |
Price Rs. |
Quantity |
Price Rs. |
||
|
July1 |
Balance b / d |
1,600 |
2.00 |
||
|
July 9 |
Receipts |
3,000 |
2.20 |
||
|
July13 |
Issue |
1,200 |
2.556 |
||
|
Aug.5 |
Issue |
900 |
1.917 |
||
|
Aug.17 |
Receipts |
3,600 |
2.40 |
||
|
Aug.24 |
Issue |
1,800 |
4.122 |
||
|
Sept.11 |
Receipts |
2,500 |
2.50 |
||
|
Sept.27 |
Issue |
2,100 |
4.971 |
||
|
Sept.29 |
Issue |
700 |
1.656 |
||
Physical verification on September 30th revealed an actual stock of 3, 800 units. You are required to,
[a] Indicate the method of pricing employed above.
[b] Complete the above account by making entries you would consider necessary including adjustments, if any, and giving explanations for such adjustments.