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Compute the inventory value on January by FIFO method

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Reference no: EM133038103

Question - The following is the record of receipts of certain materials during the month of January ?2011:

?Jan. 2 ?Received 500 Units? @ Rs.20 per unit

?Jan. 3 ?Received 400 Units ?@ Rs. 21 per unit

?Jan. 5 ?Issued 300 Units

?Jan. 11? Issued 700 Units

?Jan. 15? Received 300 Units? @ Rs. 19 per unit

?Jan. 28 ?Received 400 Units ?@ Rs. 20 per unit

?The physical inventory taken on 31st January, 2011 shows that there are 600 units ?in hand.

Required -???

a) Compute the inventory value on 31st January, 2011 by FIFO method.

b) Valuation of inventory using perpetual inventory system.

Reference no: EM133038103

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