Page 112 - DCOM202_COST_ACCOUNTING_I

Cost Accounting – I

Notes 26 Issues 115 tonnes.
27 Returned (issued on 26th June) from department B 35 tonnes.

28 Received from supplier 100 tonnes @ ` 200.
7. The receipt side of the Stores ledger account shows the following particulars:
July 01 Opening balance 500 units @ ` 4 per unit.
’’ 05 Received 200 units @ ` 4.25 per unit.
’’ 12 Received 150 units @ ` 4.10 per unit.

’’ 20 Received 300 units @ ` 4.50 per unit.
’’ 25 Received 400 units @ ` 4.00 per unit.
Issue of the materials are as follows :
July 04 Issued 200 units.

’’ 10 Issued 400 units.
’’ 15 Issued 100 units.
’’ 19 Issued 100 units.
’’ 26 Issued 200 units.
’’ 30 Issued 250 units.
Write out Stores ledger account pricing the issues on the principle of FIFO and LIFO.

8. The stock in hand of a material as on 1-9-2002 was 500 units at ` 1 per unit. The following
purchases and issues were subsequently made. prepare the stores ledger account showing
how the value of the issues would be recorded under (a) FIFO and (b) LIFO method.
purchased Issued
6-9-2002 100 units @ ` 1.20 9-9-2002 500 units
20-9-2002 700 units @ ` 1.20 22-9-2002 500 units
27-9-2002 400 units @ ` 1.30 30-9-2002 500 units

13-10-2002 1,000 units @ ` 1.40 15-10-2002 500 units
20-10-2002 500 units @ ` 1.50 22-10-2002 500 units
17-11-2002 400 units @ ` 1.60 11-11-2002 500 units
9. From the following transactions, prepare separately the stores ledger account, using the
FIFO and LIFO methods of pricing:
January 1 Opening Balance 100 units @ ` 5 each.
’’ 5 Received 500 units @ ` 6 each.

’’ 20 Issued 300 units.
February 5 Issued 200 units.
’’ 6 Received 600 units @ ` 5 each.
March 10 Issued 300 units.
’’ 12 Issued 250 units.

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