Question

"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 Opening Stock 300 units @ Rs.2.00 each5.01.2020 Purchases 100 units @ Rs.3.30 each10.01.2020 Purchases 150 units @ Rs.3.40 each20.01.2020 Purchases 120 units @ Rs.1.50 each2.01.20202 Issues 80 Units7.01.2020 Issues 100 Units12.01.2020 Issues 75 units28.01.2020 Issues 250 units​

Answer 1

Explanation:

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