Question:
The following is the record of receipts and issues of a certain material for the month of December:
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December 3.
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Opening balance 200 kg at Rs. 20 per kg
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Issue 100 kg
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Issue 50 kg
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Purchases 300 kg at Rs. 18 per kg
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Issue 300 kg
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Purchases 50 kg at Rs. 15 per kg
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Issue 100 kg
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Received back from completed job 5 kg
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(previously issued at Rs. 20 per kg)
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Prepare a stores ledger account based on FIFO Method.