5.9 Stores Ledger (Weighted Average Method) Date Receipts Issues Balance Quantity Rate Amount Quantity Rate Amount Quantity Rate Amount November 1 2,000 25 210,000 3 1,500 25 27,500 500 5 2,500 4 4,500 26 27,000 1,600 9,440 5,000 5.9 29,500 8 3,400 5.9 20,060 9 100' 5 500 3,500 5.87 20,560 16 2,400 6.50 15,600 5.900 6.13 36,160 19 2002 6.0 1,200 5,700 6.13 34,960 20 1,000 7.00 7,000 6,700 6.26 41,960 24 2,100 6.26 13,146 4,600 6.26 28,814 27 1,200 9,000 5,800 6.52 37,814 29 7.50 2,800 6.52 18,256 3,000 6.52 19,558 1. Returned to stores; 2. Returned to supplier. P.8.23 The following information is provided by Sunrise Industries Ltd for the fortnight of April, current year in respect of material Exe: y32 Stock on April 1 100 units @ 5 per unit Purchases: 5 300 units @ 6 per unit 8 500 units @ 27 per unit 12 600 units @ 8 per unit Issues: 6 250 units 10 400 units 14 500 units REQUIRED: (a) Calculate using FIFO and LIFO methods of pricing issues (1) the value of materials con- sumed during the period and (ii) the value of stock materials on April 15, current year; (b) Explain why the figures in (i) and it in part (a) of this question are different under the two methods of pricing of materials issued/used. You need not draw up the stores ledgers. 5.9 Stores Ledger (Weighted Average Method) Date Receipts Issues Balance Quantity Rate Amount Quantity Rate Amount Quantity Rate Amount November 1 2,000 25 210,000 3 1,500 25 27,500 500 5 2,500 4 4,500 26 27,000 1,600 9,440 5,000 5.9 29,500 8 3,400 5.9 20,060 9 100' 5 500 3,500 5.87 20,560 16 2,400 6.50 15,600 5.900 6.13 36,160 19 2002 6.0 1,200 5,700 6.13 34,960 20 1,000 7.00 7,000 6,700 6.26 41,960 24 2,100 6.26 13,146 4,600 6.26 28,814 27 1,200 9,000 5,800 6.52 37,814 29 7.50 2,800 6.52 18,256 3,000 6.52 19,558 1. Returned to stores; 2. Returned to supplier. P.8.23 The following information is provided by Sunrise Industries Ltd for the fortnight of April, current year in respect of material Exe: y32 Stock on April 1 100 units @ 5 per unit Purchases: 5 300 units @ 6 per unit 8 500 units @ 27 per unit 12 600 units @ 8 per unit Issues: 6 250 units 10 400 units 14 500 units REQUIRED: (a) Calculate using FIFO and LIFO methods of pricing issues (1) the value of materials con- sumed during the period and (ii) the value of stock materials on April 15, current year; (b) Explain why the figures in (i) and it in part (a) of this question are different under the two methods of pricing of materials issued/used. You need not draw up the stores ledgers