The record of receipts and issues for a steel factory for the month of December is given below:DecemberOpening balance 50 tons @ RM12 per ton6 Issued 30 tons12 Received 120 tons @ RM13 per ton114 Issued 25 tons18 Issued 40 tons19 Received 22 tons @ RM13.50 per ton20 Issued 38 tonsRequired:Show the store ledger entries using the following methods:a. FIFOb. LIFOC. Weighted average methodd. Simple average method.

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Description: The record of receipts and issues for a steel factory for the month of December is given below:DecemberOpening balance 50 tons @ RM12 per ton6 Issued 30 tons12 Received 120 tons @ RM13 per ton114 Issued 25 tons18 Issued 40 tons19 Received 22 tons @

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The record of receipts and issues for a steel factory for the month of December is given below: December Opening balance 50 tons @ RM12 per ton 5 Issued 30 tons 12 Received 120 tons @ RM13 per ton 14 Issued 25 tons 18 Issued 40 tons 19 Received 22 tons @ RM13.50 per ton 20 Issued 38 tons Required: Show the store ledger entries using the following methods: a. FIFO p. LIFO c. Weighted average method d. Simple average method

The record of receipts and issues for a steel factory for the month of December is given below: December Opening balance 50 tons @ RM12 per ton 5 Issued 30 tons 12 Received 120 tons @ RM13 per ton 14 Issued 25 tons 18 Issued 40 tons 19 Received 22 tons @ RM13.50 per ton 20 Issued 38 tons Required: Show the store ledger entries using the following methods: a. FIFO p. LIFO c. Weighted average method d. Simple average method

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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