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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.

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MGT402 Assignment#01 Solution 

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give me complete and relevant solution

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