The following is the record of receipts and issue of a certain material in a factory during may 2017. Opening balance 100 tones @ ₹ 10 per tonne.
8 may 2017 Received 120 tones @ ₹ 10.10 per tonne.
12 may 2017 issued 50 tones.
16 may 2017 Stock verifier reveals a loss of 2 tones.
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Explanation:
FIFO method
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