800 Stores Ledger (FIFO Method) Date Receipts Issues Balance Quantity Rate Amount Quantity Rate Amount Quantity Rate Amount January 1 1,000 5 5,000 5 900 6 35.400 1,900 10,400 10 1,000 25 35,000 200 6 1,200 700 4,200 12 6.20 4,960 1,500 9,160 15 300 6.40 1,920 1,800 11,080 19 400 6 2,400 1,400 8,680 22 300 6 1.800 300 6.20 1,860 800 5,020 27 200 6.50 1,300 1,000 6,320 31 500 6.20 3,100 100 6.40 640) 400 2,580 P.8.19 The following is a summary of receipts and issues of materials in a factory during January, current year: January 1 Opening balance, 500 units @ 125 per unit 3 y30 Issue, 70 units Issue, 100 units 8 Issue, 80 units 13 Received from supplier, 200 units @ $24.50 per unit 14 Returned to store, 15 units @ 24 per unit 16 Issue, 180 units 20 Received from supplier, 240 units @ $24.75 per unit 24 Issue, 304 units 25 Received from supplier, 320 units @ $24.50 per unit 26 Issue, 112 units 27 Returned to store, 12 units @ 724.50 per unit 31 Received from supplier, 100 units @ $25 per unit. Costing and Control of Materials 8.41 Work out on the basis of First-in-First-Out price at which materials are to be issued and the value of stock as on January, 31. The physical verification revealed that on January, 15 there was a shortage of 5 units and another of 8 units on January 28. 800 Stores Ledger (FIFO Method) Date Receipts Issues Balance Quantity Rate Amount Quantity Rate Amount Quantity Rate Amount January 1 1,000 5 5,000 5 900 6 35.400 1,900 10,400 10 1,000 25 35,000 200 6 1,200 700 4,200 12 6.20 4,960 1,500 9,160 15 300 6.40 1,920 1,800 11,080 19 400 6 2,400 1,400 8,680 22 300 6 1.800 300 6.20 1,860 800 5,020 27 200 6.50 1,300 1,000 6,320 31 500 6.20 3,100 100 6.40 640) 400 2,580 P.8.19 The following is a summary of receipts and issues of materials in a factory during January, current year: January 1 Opening balance, 500 units @ 125 per unit 3 y30 Issue, 70 units Issue, 100 units 8 Issue, 80 units 13 Received from supplier, 200 units @ $24.50 per unit 14 Returned to store, 15 units @ 24 per unit 16 Issue, 180 units 20 Received from supplier, 240 units @ $24.75 per unit 24 Issue, 304 units 25 Received from supplier, 320 units @ $24.50 per unit 26 Issue, 112 units 27 Returned to store, 12 units @ 724.50 per unit 31 Received from supplier, 100 units @ $25 per unit. Costing and Control of Materials 8.41 Work out on the basis of First-in-First-Out price at which materials are to be issued and the value of stock as on January, 31. The physical verification revealed that on January, 15 there was a shortage of 5 units and another of 8 units on January 28