X Ltd. has purchased and issued the materials in the following order:
Unit |
Unit Cost |
||
Rs |
|||
1st January |
Purchased |
300 |
3 |
4th January |
Purchased |
600 |
4 |
6th January |
Issued |
500 |
|
10th January |
Purchased |
700 |
4 |
15th January |
Issued |
800 |
|
20th January |
Purchased |
300 |
5 |
23rd January |
Issued |
100 |
|
Ascertain the quantity of closing stock as on 31st January and state what would be its value (in each case) if issues were made under the following methods:
(i) Average cost.
(ii) First in First out.
(iii) Last in First out.