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2. On 1st April, 2000, a trading company has 6,000 of a certain product , valued at Rs .75,000.
Purchases and sales during the six months ending 30th sept .2000 were as under:-
Date of transaction Units and rate
Sales to 18th June 2000 2,500 units at Rs .15 each
Purchases on 19th June 2000 5,000 units at Rs .13 each
Carriage inward Rs.500
Sales to 25th august 2000 4,000 units at Rs.16 each
Purchases on 26th august 2000 6,000 units at Rs.14 each
Carriage inward Rs.600
Sales to 30th septembter2000 6,500 units at Rs. 17 each
Ascertain (i) the cost of goods sold for six months (ii) the cost of stock on hand as on 31st sept
2000 and (iii) gross profit under FIFO method and also prepare trading account.
3. Keep stock record on weighted average basis from the following transactions:
Purchases: March 2000
Date Units Rate per unit
1 500 18
4 700 20
9 900 18
15 300 25
25 200 20
31 500 25
Sales : March 2000
Date Units Rate per unit
2 200 22
7 500 25
11 400 21
18 800 28
27 500 25
Find out of cost goods sold, cl.stock and profit
5. The following is an extract of the record of receipts and issues of sulphur in a chemical
factory during feb.2001:
Feb 1 Opening balance 500 tonnes @ Rs.200.
3 Issue: 70 tonnes
4 Issue: 100 tonnes
8 Issue: 80 tonnes
13 Received from supplier 200 tonnes @ Rs.190
14 Returned from department 15 tonnes
16 Issue: 180 tonnes
20 Receivedfrom supplier 240 tonnes @ 190
24 Issue: 300 tonnes
25 Received from supplier 240 tonnes @ 190
26 Issue: 115 tonnes
27 Returned form department 35 tonnes
28 Received from suppliers 100 tonnes @ Rs.190
Issues are to be priced on the principle of FIFO. The stock verifier of the factory had found a
shortage of 10 tonnes on the 22nd and left a note accordingly. Draw up a priced stores ledger
card for the material, showing the above transactions.
6. Find the value of closing stock under FIFO and Wt. avg. Mtd from the following
information
The maximum level fixed is 400 tons ,the minimum 75 tons and the reorder level is 100 ton
Show the stores ledger account under FIFO system
96 97 98 99 00
Sales 60,000 75,000 80,000 1,00,000 1,20,000
Purchases 35,000 45,000 65,000 80,000 95,000
St.valued
Under:
LIFO 8,500 6,500 9,300 10,300 11,300
FIFO 5,600 7,400 9,750 8,500 10,300
AVG. 6,400 8,900 11,300 7,500 10,560
9. MR. Prabhu has given the particulars about his purchases and sales for the five year
Required : prepare trading account for the five year under the FIFO method of valuation of
stock.