Material Pricing and Valuation of Stock (FIFO, LIFO & Weighted Average Cost Question)
by GRACE NDUTA
(NAIROBI, EAST AFRICA, KENYA)
The following details are extracted from the stores ledger card of a small manufacturing company during the month of November 2009 (please note that Shs = Shillings = currency).
November 2 Opening stock 400 units valued at Shs 16000 4 Received stock of 200 units at Shs 50 each 10 Issued 500 units 16 Received 300 units at Shs 60 each 20 Issued 300 units 24 Received 400 units at Shs 70 each 30 Issued 200 units
Required: Prepare a stores ledger account and show the value of closing stock on 30th November 2009 under the following: a)FIFO method b)LIFO method c)Weighted Average Cost Method
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