Escolar Documentos
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Cultura Documentos
METHOD
Inventory Valuation
DEFINITION:
• Specific identification.
• First in first out (FIFO)
• Last in first out (LIFO)
• Average (Weighted) cost.
From the following data ,calculate the value
of inventory on 31st Jan .1998 by FIFO
methods
1st Jan opening stock 200pieces @Rs 2 each
4th Jan purchases 100 pieces @Rs 2.20 each
10th Jan purchases 150 pieces @Rs 2.40 each
20th Jan purchases 180 pieces @Rs 2.50 each
2th Jan Issues 150 pieces
7th Jan Issues 100pieces
12th Jan Issues 200pieces
DATE
RECEIPTS ISSUED BALANCE
Qty Rate Amt Qty Rate Amt Qty Rate Amt