Question

Bharat Manufacturing Company Ltd. uses copper wire which is purchased from the market as and when necessary. Following particulars like purchases and issues were made during the months of January 2020 : January 1 : Opening balance—300 kg at R 25 per kg ” 3 : Purchased—500 kg at R 26·60 per kg (Purchase Order No. 101) ” 4 : Issued—220 kg (Material Requisition No. 201) ” 10 : Issued—440 kg (Material Requisition No. 202) ” 20 : Purchased—490 kg at R 23 per kg (Purchased Order No. 102) ” 25 : Issued—300 kg (Material Requisition No. 203) ” 26 : Surplus 20 kg returned to store out of quantity issued on 4th January (Material Returned Note No. 20) Prepare Stores Ledger A/c for the above transactions according to LIFO method of pricing issue of materials.​

Answer 1

Answer:

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Explanation:

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