Answer to Question #295637 in Economics for abhii

Question

From the following receipts and issues of material during the month of January, 2007, prepare

stores ledger account according to FIFO Method, LIFO Method, WAM. Find out the value of

closing stock and Cost of goods sold for the month of January,2007.

1 st January ,2007, Received 250 units @ Rs 10 per unit.

5 th January, 2007 , Received 250 units @ Rs 11 per unit

8 th January, 2007, Issued 300 units

10 th January ,2007 Received 400 units @ Rs 12 per unit.

13 January ,2007, Issued 250 units.

20 January, 2007 Received 100 units @ Rs 11 per unit.

28 January , 2007 Issued 400 units.

On 1 St January ,2007 stock in hand was 200 units valued @ Rs 9 per unit.

Answer 1

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