Solution-Fifo method of pricing of issues of materials

Fifo method of pricing of issues of materials

Assignment Help Financial Accounting

Reference no: EM13299043

Prepare a store ledger account from the following information adopting the FIFO method of pricing of issues of materials:

1 March	Opening balance	500 tonne at Rs 200
3	Issued	70 tonne
4	Issued	100 tonne
8	Issued	80 tonne
13	Received from supplier	200 tonne at Rs 190
14	Returned from department A	15 tonne
16	Issued	180 tonne
20	Received from supplier	240 tonne at Rs 195
24	Issued	300 tonne
25	Received from supplier	320 tonne at Rs 200
26	Issued	115 tonne
27	Returned from department B	35 tonne
28	Received from supplier	100 tonne at Rs 200

Hint: Returns from departments on 14 and 27 March are to be assumed out of the immediate preceding issue since no details are given.

Reference no: EM13299043

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Fifo method of pricing of issues of materials

Reference no: EM13299043

Reference no: EM13299043

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