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.