The following transactions occur in the purchase and issue of a material: 2 Jan. Purchased 4,000 units @ Rs. 4.00 per un

Business, Finance, Economics, Accounting, Operations Management, Computer Science, Electrical Engineering, Mechanical Engineering, Civil Engineering, Chemical Engineering, Algebra, Precalculus, Statistics and Probabilty, Advanced Math, Physics, Chemistry, Biology, Nursing, Psychology, Certifications, Tests, Prep, and more.
Post Reply
answerhappygod
Site Admin
Posts: 899603
Joined: Mon Aug 02, 2021 8:13 am

The following transactions occur in the purchase and issue of a material: 2 Jan. Purchased 4,000 units @ Rs. 4.00 per un

Post by answerhappygod »

The following transactions occur in the purchase and issue of a
material:
2 Jan.
Purchased
4,000 units @ Rs. 4.00 per unit
20 Jan.
Purchased
500 units @Rs. 5.00 per unit
5 Feb.
Issued
2,000 units
10 Feb.
Purchased
6,000 units@ Rs. 6.00 per unit
12Feb. Issued
4,000 units
2 March
Issued
1,000 units
5 March
Issued
2,000 units
15 March
Purchased
4,500 units
20 March
Issued
3,000 units
@Rs. 5.50 per unit
From the above, prepare the Stores Ledger Account by using LIFO
method
Join a community of subject matter experts. Register for FREE to view solutions, replies, and use search function. Request answer by replying!
Post Reply