The following data was extracted from the books of Good Times Ltd. a manufacturing concern. December...

 

Transcribed Image Text:

The following data was extracted from the books of Good Times Ltd. a manufacturing concern. December 1 Opening Inventory 20,000 litres at a total cost of $600,000 3 Receipts 5,000 litres @ $40 per litre 10 Receipts 12,000 litres @ $50 per litre 17 Issues 24,000 litres 20 Receipts 17,000 litres @ $45 per litre 27 Issues 20,000 litres Required: Prepare the Stores Ledger Card, using: i. FIFO ii. LIFO The following data was extracted from the books of Good Times Ltd. a manufacturing concern. December 1 Opening Inventory 20,000 litres at a total cost of $600,000 3 Receipts 5,000 litres @ $40 per litre 10 Receipts 12,000 litres @ $50 per litre 17 Issues 24,000 litres 20 Receipts 17,000 litres @ $45 per litre 27 Issues 20,000 litres Required: Prepare the Stores Ledger Card, using: i. FIFO ii. LIFO

Answer rating: 100% (QA)

Sure I can help you with that Lets start by preparing the Stores Ledger Card using FIFO and LIFO met... View the full answer