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QUESTION:-
Following information has been extracted from books of the company for inventory
records during January.
January 5: purchased 900 gallons @ Rs. 59 per gallon.
January 9: issued 650 gallons to job #20
January 11: 150 gallons deteriorated in quality and transferred to obsolete stock.
January 27: Returned to supplier 80 gallons purchased on January 5.
Required:
Prepare Material Ledger Card under FIFO costing method
SOLUTION:
ABC Company
On January 1st,
Material Ledger Card (FIFO)
Date |
Purchase |
Issue |
Inventory |
||||||||||
|
Unit |
Unit Cost |
Total |
Unit |
Unit Cost |
Total |
Unit |
Unit Cost |
Total |
||||
ADD |
|
|
|
|
|
|
|
|
|
||||
1st January |
215 |
45 |
9675 |
|
|
|
215 |
45 |
9675 |
||||
5th January |
900 |
59 |
53100 |
|
|
|
900 |
59 |
53100 |
||||
|
|
|
|
|
|
|
|
|
|
||||
Total |
1115 |
|
62775 |
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
||||||
SUBTRACT |
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
||||||
9th January |
|
215 |
45 |
9675 |
|
|
|
||||||
|
|
435 |
59 |
25665 |
|
|
|
||||||
11th January |
|
150 |
59 |
8850 |
150 |
59 |
8850 |
||||||
27th January |
|
80 |
59 |
4720 |
80 |
59 |
4720 |
||||||
|
|
|
|
|
|
|
|
||||||
|
Total |
880 |
|
48910 |
|
|
|
||||||
|
Subtract |
|
|
||||||||||
|
(Purchase – Issue) |
235 |
NIL |
13875 |
1345 |
NIL |
76345 |
||||||
|
|
|
|
||||||||||
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Brother ,how to calculate the cost of good sold
This is half solution of assignment. copy this and must to include C.G.S for the completion of assignment with own understanding.
give me complete solution
MGT402 Assignment#01 Solution
MGT402 Assignment#01 Solution
give me complete and relevant solution
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