9.From the following you are required to prepare a statement showing the issues made under LIFO method: Date Opening Balance 100 units at Rs10 each 1 Received 200 units at Rs 10.50 each 2 Received 300 units at Rs 10.60 each 4 Issued 400 units to Job A 6 Issued 120 units to Job B 7 Received 400 units at Rs 11 each 10 Issued 200 units to Job C 12 Received 300 units at Rs 11.40 each 13 Received 200 units at Rs 11.50 each 15 Issued 400 units to Job D
Answers
Answer: Statement showing issues made under LIFO method:
Explanation: LIFO METHOD
LIFO method of accounting is one of the most commonly used method of stock valuation. LIFO method of accounting means Last In First out method. In this method of accounting, we will issue the quantity which we have received or purchased last time. In Last in first out method of inventory, the latest stock of is removed first and this method is used by automative industries, petroleum based industries and pharmaceutical industries with some products. The following table shows practical solution of Last in first out method. Here, some receipts and issued quantities are given. The table shows how the latest quantities are issued first and balance quantities are showed in balance column.
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