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The following is a summary of the Receipts and Issues of materials in during the month of May. Quantity 2,000 300 Date Particulars Rate per 10.75 1 Received 5 Received 12 8 Issued 1,300 12 Issued 300 18 Received 1,000 12.25 23 Issued 900 25 Received 500 12.75 26 Received 400 12.75 30 Issued 350

The following is a summary of the Receipts and Issues of materials in during the month of May. Quantity 2,000 300 Date Particulars Rate per 10.75 1 Received 5 Received 12 8 Issued 1,300 12 Issued 300 18 Received 1,000 12.25 23 Issued 900 25 Received 500 12.75 26 Received 400 12.75 30 Issued 350

FINANCIAL ACCOUNTING
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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Prepare a statement showing the pricing of issues based on
i) LIFO method
ii) Simple Average method

The following is a summary of the Receipts and Issues of materials in a factory during the month of May. Quantity 2,000 300 Date Particulars Rate per unit 10.75 1 Received 5 Received 12 8 Issued 1,300 300 12 Issued 18 Received 1,000 12.25 23 Issued 900 25 Received 500 12.75 26 Received 400 12.75 30 Issued 350
Transcribed Image Text:The following is a summary of the Receipts and Issues of materials in a factory during the month of May. Quantity 2,000 300 Date Particulars Rate per unit 10.75 1 Received 5 Received 12 8 Issued 1,300 300 12 Issued 18 Received 1,000 12.25 23 Issued 900 25 Received 500 12.75 26 Received 400 12.75 30 Issued 350
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