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Ledger Account: FIFO & LIFO Methods

The document outlines the transactions for a stores ledger account over April 2025, detailing opening balances, purchases, issues to production, and returns. It requires the calculation of material costs using both FIFO and LIFO methods. Key transactions include multiple purchases, issues, and a physical verification loss.

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Pritha Mukherjee
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4 views1 page

Ledger Account: FIFO & LIFO Methods

The document outlines the transactions for a stores ledger account over April 2025, detailing opening balances, purchases, issues to production, and returns. It requires the calculation of material costs using both FIFO and LIFO methods. Key transactions include multiple purchases, issues, and a physical verification loss.

Uploaded by

Pritha Mukherjee
Copyright
© All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd

Problem 1:

Prepare stores Ledger account from the following details using FIFO and LIFO methods of
pricing the issue of materials

01/04/2025 Opening balance 10,850 KG @ 130 per kg

05/04/2025 Purchased 20,000 KG @ 134 per kg

08/04/2025 Issued 6,750 KG to production

12/04/2025 Issued 8,500 KG to production

16/04/2025 Received back 550 KG from production being


surplus

19/04/2025 Purchased 17,550 KG @ 128 per kg

20/04/2025 Issued 11,250 KG to production

23/04/2025 Physical verification revealed a loss 250 kg

25/04/2025 Issued 8,950 kg to production

27/04/2025 Issued 6,300 kg to production

29/04/2025 Purchased 10,000 KG @ 132 per kg

30/04/2025 Issued 7,750 kg to production

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