Calculate the cost of material available for use, cost of material issued and cost of material ending under FIFO and LIFO methods (periodic system). Also give the journal entries under each of the method. DatedetailUnitscost per unit Rs.Total cost Rs. Jan 1beg inventory2010200 Jan 5Purchases5011550 Jan 6issued30 Jan 9Purchases4012480 Jan 15Purchases2013260 Jan 20Issued60 Jan 28Purchases1015150

Since this is periodic system, we will calculate total issue and purchase for the entire period of…

Answered: Calculate the cost of material…

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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Calculate the cost of material available for use, cost of material issued and cost of material ending under FIFO and LIFO methods (periodic system). Also give the journal entries under each of the method.

Date	detail	Units	cost per unit Rs.	Total cost Rs.
Jan 1	beg inventory	20	10	200
Jan 5	Purchases	50	11	550
Jan 6	issued	30
Jan 9	Purchases	40	12	480
Jan 15	Purchases	20	13	260
Jan 20	Issued	60
Jan 28	Purchases	10	15	150

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