Reference no: EM132953020
Question
The following are details regarding material X in respect to ABC CO.
Receipts Jan 1, 2021 Balance 50 units @4 per unit
Jan 5, 2021 Purchase 40 units @3 per unit
Jan 8, 2021Purchase 30 units @ 4 per unit
Jan 18,2021 Purchase 20 units @5 per unit
Jan 26, 2021 Purchase 40 units @ 3 per unit
Issues Jan 10, 2021 Issued 70 units
Jan 12, 2021 Issued 10 units
Jan 20, 2021 Issued 20 units
Jan 24, 2021Issued 10 units
The company follows the perpetual inventory system for maintaining its stores record
Required
Prepare the value of inventory in store on Jan 31, 2021 Using LIFO and FIFO methods
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