Lords Co. Ltd has purchased and issued material Z as follows:
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1. Opening stock |
3,000 units at Rs. 6 per unit |
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3. Purchased |
750 units at Rs. 7 per unit |
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6. Purchased |
1,050 units at Rs. 7.50 per unit |
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9. Issued |
1,100 units |
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12. Purchased |
450 units at Rs. 9 per unit |
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14. Purchased |
300 units at Rs. 8 per unit |
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15. Issued |
500 units |
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17. Purchased |
300 units at Rs. 10 per unit |
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25. Purchased |
250 units at Rs. 9.50 per unit |
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30. Issued |
300 units |
Ascertain the value of closing stock under HIFO method of pricing issues.
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