From the following information, show the stores ledger account on LIFO method:
June 1. Opening stock 800 kg @ Rs. 10 each
4. Purchased 250 kg @ Rs. 9 each
12. Purchased 400 kg @ Rs. 10 each
16. Purchased 600 kg @ Rs. 10.50 each
23. Purchased 300 kg @ Rs. 11. each
Issued to manufacturing department as follows:
On 15 June stock verification received a shortage of 8kg. The maximum level is 1,400 kg. Minimum level is 650 kg. At the end of the month, stock verification revealed that there is a surplus of 2 kg.
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