Q1. From the following details of store receipts and issues of material Axe in a manufacturing...

 

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Q1. From the following details of store receipts and issues of material "Axe" in a manufacturing unit, prepare the store ledger using Last in first out (LIFO) method of valuing the issue and calculate the value of stock as on March 31, 2022. 5-Jan 11-Jan 1-Feb 1,000 units purchased @ 12 each Issued 2,000 units to production 1,500 units purchased @ 13 each Issued 2,400 units to production. Issued 1,000 units to production 1,000 units purchased @14 each 17-Feb 16-Feb 7-Mar 18-Mar 1,500 units purchased @ 15 each 28-Mar 2,000 units issued to production Stock on January 1, 2022 was 5,000 units at 11 each. [10 Marks] [CO3, L3] Q1. From the following details of store receipts and issues of material "Axe" in a manufacturing unit, prepare the store ledger using Last in first out (LIFO) method of valuing the issue and calculate the value of stock as on March 31, 2022. 5-Jan 11-Jan 1-Feb 1,000 units purchased @ 12 each Issued 2,000 units to production 1,500 units purchased @ 13 each Issued 2,400 units to production. Issued 1,000 units to production 1,000 units purchased @14 each 17-Feb 16-Feb 7-Mar 18-Mar 1,500 units purchased @ 15 each 28-Mar 2,000 units issued to production Stock on January 1, 2022 was 5,000 units at 11 each. [10 Marks] [CO3, L3]