The following is the summary of receipts and issue of material in a factory 1...
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Accounting
The following is the summary of receipts and issue of material in a factory
1 jan opening balance 500 unit @ rupees 25 per unit
3 jan issue 70 units
4 jan issue 100 units
8 jan issue 80 units
13 jan received from supplier 200 units @ rupees 24. 50 per unit
14 jan returned to store 15 units @ rupees 24 unit
16 jan issue 18 units
20 jan received from supplier 240 units @ 24.75 per unit
24 jan issue 304 units
25 jan received from supplier 320 units @ rupees 24. 50 per unit
26 jan issue 112 units
27 jan returned to store 12 unit @ rupees 24. 50 per unit
28 jan received from supplier 100 units @ rupees 25 per unit
(A).Work out on the basis of First in first out method
(B). There was a shortage of 5 units on 15th and another on 27th of 8 units find out the new result by FIFO method
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