From the following transactions, prepare separately the stores ledger account using (1) FIFO and (2) LIFO.
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from the following transactions prepare separately the stores ledger account using 1 617140
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1. Opening balance |
100 units @ Rs. 5 each |
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5. Received |
500 units @ Rs. 6 each |
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20. Issued |
300 units |
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February |
5 Issued |
200 units |
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February |
6 Received back from Work order issued on 5 Feb |
10 units |
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7. Received |
600 units @ Rs. 5 each |
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20. Issued |
300 units |
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25. Returned to supplier |
50 units purchased on 7 February |
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26. Issued |
200 units |
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March |
10. Received |
500 units at Rs. 7 per unit |
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15. Issued |
300 units |
Stock verification on 15 March revealed a shortage of 10 units.
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