A shop stocks shoes which sells at Rs 550 each to avoid overstocking and because of limited space, the deliveries from four manufacturers, at different prices, are made to the shop on a weekly basis at opening time on Monday morning. During October, the deliveries and sales were as shown below and there was an opening stock of 100 shoes which has been purchased in September, at Rs 290 each. Shoes purchased Number of shoes Cost Each 300 330 330 290 350 350 390 Trading accounts are prepared monthly and from information given above, you are required to; Week No. 01 02 03 04 Number 200 300 400 300 Sold 150 Required: Prepare stock record (Material ledger cards) for the transactions based on two methods of pricing issues listed below: a) FIFO b) Weighted average

A shop stocks shoes which sells at Rs 550 each to avoid overstocking and because of limited space, the deliveries from four manufacturers, at different prices, are made to the shop on a weekly basis at opening time on Monday morning. During October, the deliveries and sales were as shown below and there was an opening stock of 100 shoes which has been purchased in September, at Rs 290 each. Shoes purchased Number of shoes Cost Each 300 330 330 290 350 350 390 Trading accounts are prepared monthly and from information given above, you are required to; Week No. 01 02 03 04 Number 200 300 400 300 Sold 150 Required: Prepare stock record (Material ledger cards) for the transactions based on two methods of pricing issues listed below: a) FIFO b) Weighted average

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Subject : Accounting
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