Question
Inventory Transactions Table (January)
| Date | Purchases Units | Rate (Rs.) | Issues |
|---|---|---|---|
| Jan 1 | 500 | 5.00 | – |
| Jan 8 | 300 | 5.10 | – |
| Jan 13 | – | – | 600 |
| Jan 18 | 400 | 5.20 | – |
| Jan 23 | – | – | 300 |
| Jan 25 | 500 | 5.10 | – |
| Jan 31 | – | – | 200 |
Answer :
Word Count : 487
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Skip in 10
In cost accounting, inventory transactions are recorded systematically to determine the cost of materials purchased, issued, and remaining in stock. The given table represents material inflow and outflow during January, which is typically used to prepare a stores ledger and calculate the value of closing inventory and cost of materials issued. Cost accounting applies different valuation methods such as FIFO (First In First Out), LIFO (Last In First Out), and Weighted Average Method to ensure proper cost control and financial reporting. On January 1, the company purchased 500 units at Rs. 5.00 per unit, making the total purchase value Rs. 2,500. On January 8, another purchase of 300 units at Rs. 5.10 per unit was made, totaling Rs. 1,530. After these two purchases, total inventory available became 800 units with a combined value of Rs. 4,030. On January 13, 600 units were issued. Under the FIFO method, materials purchased first are issued first. Therefore, 500 units would be issued from the January 1 stock and the remaining 100 units from the January 8 stock. The cost of issue would be (500 × 5.00) + (100 × 5.10) = Rs. 2,500
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