Question

Prepare Inventory ledger card under LIFO, FIFO and Weighted Average assumption also find closing inventory and CGS under each method and record necessary Journal Entries. (Marks 8)

Receipt Unit Rate Amount

Jan 1. Inventory in hand 200 @Rs.7 Rs 1400

Jan 8. Purchases 1100 @Rs.8 Rs 8800

Jan 25. Purchases 300 @Rs.9. Rs 2700

Jan 31 Purchases 400 @Rs.10 Rs 4000

Issued

Jan.1 Sale 100 @ Rs. 15 Rs.1500

Jan.9 Sale 200 @ Rs. 15 Rs.3000

Jan.15 Sale 400 @ Rs. 15 Rs.6000

Jan.27 Sale 600 @ Rs. 15 Rs.9000

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Answer 1

Answer:

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