Q.6 A Company made the following materials purchases and issues during January: Units Price Inventory Jan. 1" Receipts: 500- Rs. 1.20 (1) Jan. 6th 200 Rs. 1.25 (2) Jan. 10th 400 Rs. 1.30 (4) Jan. 25th 500 Rs. 1.40 Issues: (3) Jan. 15th 560 units (5) Jan. 27th 400 units Required: Compute the Cost of material consumed, and Cost assigned to the Inventory at the end of month, using a Perpetual Inventory System with each of the following: (a) FIFO Costing (b) LIFO Costing (c) Average Costing
Q.6 A Company made the following materials purchases and issues during January: Units Price Inventory Jan. 1" Receipts: 500- Rs. 1.20 (1) Jan. 6th 200 Rs. 1.25 (2) Jan. 10th 400 Rs. 1.30 (4) Jan. 25th 500 Rs. 1.40 Issues: (3) Jan. 15th 560 units (5) Jan. 27th 400 units Required: Compute the Cost of material consumed, and Cost assigned to the Inventory at the end of month, using a Perpetual Inventory System with each of the following: (a) FIFO Costing (b) LIFO Costing (c) Average Costing
Chapter1: Financial Statements And Business Decisions
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
Transcribed Image Text:Q.6
A Company made the following materials purchases and issues during January:
Units
Price
Inventory Jan. 1"
Receipts:
500-
Rs. 1.20
(1) Jan. 6th
200
Rs. 1.25
(2) Jan. 10th
400
Rs. 1.30
(4) Jan. 25th
500
Rs. 1.40
Issues:
(3) Jan. 15th
560 units
(5) Jan. 27th
400 units
Required: Compute the Cost of material consumed, and Cost assigned to the
Inventory at the end of month, using a Perpetual Inventory System with each of the
following:
(a) FIFO Costing
(b) LIFO Costing
(c) Average Costing
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