Inventories
HOME WORK
Q.1
Determine value of material issued and closing stock by using (Fifo method)
1st Jan OP Stock 1,000 unit@20
Purchases 05 Jan 1,200 Unit@25
12 Jan 1,500 Unit@30
20 Jan 800 Unit@32
27 Jan 700 Unit@35
Closing stock on 31 Jan 2022 = 1200 unit .
Q.2
Determine value of material issued and closing stock by using (Lifo method)
OP Stock 1st Nov. 5,000 unit@5
Purchases
03Nov 8,000 Unit@6
08Nov 7,000 Unit@8
15Nov 6,000 Unit@10
25Nov 4,000 Unit@12
Closing stock on 31 Nov2022 = 6,000 unit .
Q.3
Determine value of closing stock and material issued by using
(a) Fifo Method
(b) Lifo Method
(c) Simple Average Method
OP Stock 1st July. 5,000 kg@80/kg
08 July 7,000 kg@90/kg
12 July 10,000 kg@100/kg
20 July 6,000 kg@110/kg
26 July 3,000 kg@120/kg
Closing stock on 31July = 7,000 unit .
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