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Fifo method of pricing of issues of materials

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Reference no: EM13299043

Prepare a store ledger account from the following information adopting the FIFO method of pricing of issues of materials:

1 March

Opening balance

500 tonne at Rs 200

3

Issued

70 tonne

4

Issued

100 tonne

8

Issued

80 tonne

13

Received from supplier

200 tonne at Rs 190

14

Returned from department A

15 tonne

16

Issued

180 tonne

20

Received from supplier

240 tonne at Rs 195

24

Issued

300 tonne

25

Received from supplier

320 tonne at Rs 200

26

Issued

115 tonne

27

Returned from department B

35 tonne

28

Received from supplier

100 tonne at Rs 200

Hint: Returns from departments on 14 and 27 March are to be assumed out of the immediate preceding issue since no details are given.

Reference no: EM13299043

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