Find out the Closing Stock and cost of materials consumed under each of the above two methods.

Green Ltd was following LIFO Method of valuation of stock. Due to promulgation of revised accounting standard they want to switch over to FIFO Method. From the following Draw up stock ledgers under FIFO and LIFO Methods of valuation of stocks, Find out the Closing Stock and cost of materials consumed under each of the above two methods.

Opening Stock 2,500 metric tonnes @ Rs 22 per MT = Rs 55,000

Purchases

1.9.2009

(500 MT @ Rs 30 per MT)

6.9.2009

(1,000 MT @ Rs 35 per MT)

10.9.2009

(750 MT @ Rs 38 per MT)

16.9.2009

(750 MT @ Rs 35 per MT)

21.9.2009

(1,000 MT @ Rs 32 per MT)

27.9.2009

(1,000 MT @ Rs 35 per MT)

30.9.2009

(750 MT @ Rs 30 per MT)

Issues

1.9 to 6.9.2009

(1,000 MT)

7.9 to 10.9.2009

(1,500 MT)

11.9 to 21.9.2009

(2,000 MT)

22.9 to 26.9.2009

(1,500 MT)

27.9 to 30.9.2009

(1,500 MT)

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