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QUESTION:-Following information has been extracted from books of the company for inventoryrecords during January.January 5: purchased 900 gallons @ Rs. 59 per gallon.January 9: issued 650 gallons to job #20January 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 methodSOLUTION:ABC CompanyOn January 1st,Material Ledger Card…See More
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