From the following transactions, prepare separately the stores ledger account using (1) FIFO and (2) LIFO.
| January Don't use plagiarized sources. Get Your Custom Essay on from the following transactions prepare separately the stores ledger account using 1 617140 Get an essay WRITTEN FOR YOU, Plagiarism free, and by an EXPERT! Just from $10/Page | 1. Opening balance | 100 units @ Rs. 5 each |
| 5. Received | 500 units @ Rs. 6 each | |
| 20. Issued | 300 units | |
| February | 5 Issued | 200 units |
| February | 6 Received back from Work order issued on 5 Feb | 10 units |
| 7. Received | 600 units @ Rs. 5 each | |
| 20. Issued | 300 units | |
| 25. Returned to supplier | 50 units purchased on 7 February | |
| 26. Issued | 200 units | |
| March | 10. Received | 500 units at Rs. 7 per unit |
| 15. Issued | 300 units |
Stock verification on 15 March revealed a shortage of 10 units.
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