Question

3. "In the period of rising prices, LIFO method is more suitable than FIFO method". Do you agree? Prepare the Stores Ledger for the month of January from the following information using both FIFO and LIFO method and draw the justifications for your arguments.
1.01.2020 5.01.2020 10.01.2020 20.01.2020 2.01.20202 7.01.2020 12.01.2020 28.01.2020
Opening Stock Purchases Purchases Purchases Issues Issues Issues Issues
300 units @ Rs.2.00 each 100 units @ Rs.3.30 each 150 units @ Rs.3.40 each 120 units @ Rs.1.50 each 80 Units
100 Units
75 units
250 units

Answer 1

Explanation:

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Answer 2

Answer:

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