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
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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
6 Issued 30 tons
12 Received 120 tons @ RM13 per ton
1
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
b. LIFO
C. Weighted average method
d. Simple average method.
Transcribed Image Text: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 6 Issued 30 tons 12 Received 120 tons @ RM13 per ton 1 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 b. LIFO C. Weighted average method d. Simple average method.
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