.The following is record of Receipts & Issues of Certain materials in a factory during a week May 2008 (10M) Opening Balance 100 tons @ ₹ 10 per ton. 1. Issued 60 tons 2. Received 120 tons @ ₹ 10.10 per ton. 3. Issued 50 tons (Stock verification reveals a loss of two tons) 4. Received back from order 20 tons (Originally issued at ₹ 9.90 per ton) 5. Issued 80 tons 6. Received 44 tons @ ₹ 10.20 perton 7. Issued 66 tons. Use Last in First Out & First In First Out methods & show the pricing of materials.
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Answer:
The following is an extract of the record of receipt and issues of sulphur in a chemical factory during February:
1 Opening balance 500 tons @ Rs.200
3 Issued 70 tons
4 Issued 100 tons
8 Issued 80 tons
13 Received from supplier 200 tons @ Rs.190
14 Returned from Deptt. 15 tons
16 Issued 180 tons
20 Received from supplier 240 tons @ Rs.190
24 Issued 300 tons
25 Received from supplier 320 tons @ Rs.190
26 Issued 115 tons
27 Returned from Deptt. 35 tons
28 Received from supplier 100 tons @ Rs.190
Issues are to be priced on the principle of „First-in First-out?. The stock verifiers of the factory had found a shortage of 10 tons on the 22nd and left a note accordingly. Draw up a priced stores ledger card for the material showing the above transactions.
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Answer:
FIFO mathod
Explanation:
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