Q2. The new productive undertaking purchased from time-to-time quantities of commodities used in production of one of its products, the following details are available regarding the stock of materials and its movement during the three-Month period from January, February and March. There was no Opening stock for the month of January. Purchases done on 2 January 250 units @ 14 per unit, 8 January 175 units @16 per unit, 17 January 225 units @15 per unit, 25 January 300 units @ 13 per unit, 30 January 150 Units @ 14 per unit and Issues were made on 10 January 260 units, 20 January 190 Units, 23 January 70 units, 27 January 250 units and 29 January 65 Units. Stock on 1st February 150 units' @OMR 22 per unit On February 4, Purchased 320 units @OMR 30 February 12, Purchased 215 units @OMR 35, February 15, Purchased 200 units @ OMR 40, February 28 , Purchased 200 units @OMR 47, February 5, Issued 225 Units, February 14, Issued 190 units, February 20 , Issued 200 units, February 25,Issued 250 units, February 30, Issued 90 units. Stock on 1st March 130 units @ OMR 47 per unit and Purchases done on 5 March 200 units @ 52 per unit, 9 March 150 units @54 per unit, 17 March 225 units @ 53 per unit, 26 March 300 units @ 49 per unit and Issues were made on 7th March 225 units, 10 March 200 units and 19 March 150 units.
Q2. The new productive undertaking purchased from time-to-time quantities of commodities used in production of one of its products, the following details are available regarding the stock of materials and its movement during the three-Month period from January, February and March. There was no Opening stock for the month of January. Purchases done on 2 January 250 units @ 14 per unit, 8 January 175 units @16 per unit, 17 January 225 units @15 per unit, 25 January 300 units @ 13 per unit, 30 January 150 Units @ 14 per unit and Issues were made on 10 January 260 units, 20 January 190 Units, 23 January 70 units, 27 January 250 units and 29 January 65 Units. Stock on 1st February 150 units' @OMR 22 per unit On February 4, Purchased 320 units @OMR 30 February 12, Purchased 215 units @OMR 35, February 15, Purchased 200 units @ OMR 40, February 28 , Purchased 200 units @OMR 47, February 5, Issued 225 Units, February 14, Issued 190 units, February 20 , Issued 200 units, February 25,Issued 250 units, February 30, Issued 90 units. Stock on 1st March 130 units @ OMR 47 per unit and Purchases done on 5 March 200 units @ 52 per unit, 9 March 150 units @54 per unit, 17 March 225 units @ 53 per unit, 26 March 300 units @ 49 per unit and Issues were made on 7th March 225 units, 10 March 200 units and 19 March 150 units.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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You are required to prepare stock register using LIFO Method for the Period of January.
Transcribed Image Text:Q2. The new productive undertaking purchased from time-to-time quantities of commodities used
in production of one of its products, the following details are available regarding the stock of
materials and its movement during the three-Month period from January, February and March.
There was no Opening stock for the month of January. Purchases done on 2 January 250 units @
14 per unit, 8 January 175 units @16 per unit, 17 January 225 units @15 per unit, 25 January 300
units @ 13 per unit, 30 January 150 Units @ 14 per unit and Issues were made on 10 January 260
units, 20 January 190 Units, 23 January 70 units, 27 January 250 units and 29 January 65 Units.
Stock on 1st February 150 units' @OMR 22 per unit On February 4, Purchased 320 units @OMR
30 February 12, Purchased 215 units @OMR 35, February 15, Purchased 200 units @ OMR 40,
February 28 , Purchased 200 units @OMR 47, February 5, Issued 225 Units, February 14, Issued
190 units, February 20 , Issued 200 units, February 25,Issued 250 units, February 30, Issued 90
units.
Stock on 1st March 130 units @ OMR 47 per unit and Purchases done on 5 March 200 units @ 52
per unit, 9 March 150 units @54 per unit, 17 March 225 units @ 53 per unit, 26 March 300 units
@ 49 per unit and Issues were made on 7th March 225 units, 10 March 200 units and 19 March
150 units.
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