Question 1 Xin Xin Sdn Bhd is a manufacturing company. It holds stocks of various materials in its store room and keeps proper stock records. The followings are the stock movements for Material in the month of November, 2016: Price per unit Units RM 1. Stock at 1 November 100 2.00 2. Purchases during November 3 November 200 2.10 10 November 300 2.20 24 November 300 2.30 3. Issues during November: 5 November 150 12 November 350 26 November 200 Required: (a) Prepare the store ledger card using: FIFO LIFO (iii) Average Cost Method (AVCO)
Question 1
Xin Xin Sdn Bhd is a manufacturing company. It holds stocks of various materials in its store room and keeps proper stock records.
The followings are the stock movements for Material in the month of November, 2016:
|
|
|
|
|
|
|
Price per unit |
|
||
|
|
|
|
|
Units |
|
RM |
|
||
|
1. |
Stock at 1 November |
100 |
|
2.00 |
|
||||
|
|
|
|
|
|
|
|
|
||
|
2. |
Purchases during November |
|
|
|
|||||
|
|
|
3 November |
|
200 |
|
2.10 |
|
||
|
|
|
10 November |
|
300 |
|
2.20 |
|
||
|
|
|
24 November |
|
300 |
|
2.30 |
|
||
|
|
|
|
|
|
|
|
|
||
|
3. |
Issues during November: |
|
|
|
|
||||
|
|
|
5 November |
|
150 |
|
|
|
||
|
|
|
12 November |
|
350 |
|
|
|
||
|
|
|
26 November |
|
200 |
|
|
|
||
|
|
|
|
|
|
|
|
|
||
Required:
(a) Prepare the store ledger card using:
- FIFO
- LIFO
(iii) Average Cost Method (AVCO)
Trending now
This is a popular solution!
Step by step
Solved in 3 steps with 2 images
