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Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:The stock of materials as on Ist January 1988 was 750 units at the rate of
$1.50 per unit. Following purchases and issues of this item were made
subsequently.
Date
Receipt qty.
(units)
Rate per unit. Isswe quantity
(units)
Jan. 6th
300
9th
600
1.65
16th
450
1.80
19th
750
22nd
300
25th
750
1.95
28th
450
31st
300
Prepare Stores Ledger Account assuming that issues are made under
"Base Stock" method in conjunction with FIFO method. Base stock units 400.
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