The following is a summary of the receipts and issues of materials in a factory during a month:
Date |
|
1 |
Opening balance 500 units at Rs.25 per unit. |
3 |
Issue 70 units |
4 |
Issue 100 units |
8 |
Issue 80 units |
13 |
Received 200 units @ Rs.24.50 per unit. |
14 |
Returned to store 15 units @ Rs.24 per unit |
16 |
Issue 180 units |
20 |
Received 240 units @ Rs.24.75 per unit |
24 |
Issue 304 units |
25 |
Received 320 units @ Rs.24.50 per unit |
26 |
Issue 112 units |
27 |
Returned to store 12 units @ Rs.24.50 per unit |
28 |
Received 100 units at Rs.25 per unit. |
Work out on the basis of „FIFO?. It was revealed that on 15th there was a shortage of 5 units and on 27th of 8 units.