X company has purchased and issued materials as follows:

June 1. Stock of materials	200 units at Rs. 2.50 per unit
3. Purchased	300 units at Rs. 3 per unit
7. Purchased	500 units at Rs. 4 per unit
10. Issued	600 units
12. Purchased	400 units at Rs. 4 per unit
18. Issued	500 units
24. Purchased	400 units at Rs. 5 per unit
28. Issued	200 units

Prepare the stores ledger account under FIFO method and LIFO method.

Answer rating: 100% (QA)

To prepare the stores ledger account under FIFO FirstIn FirstOut and L LIFO LastIn FirstOu... View the full answer