Tie COST ACCOUNTING TEXT AND PROBLEMS

(i) State the method of pricing that was employed in the lodger.
(U) Complete the stores ledger as per method followed. IR.Cosn. Pan Delhi)
(Am. FIFO Method'
17. The Stock Ledger Account for material x in a manufacturing concern reveals the following data for
the quarter elided September 30. 2004:
Receipts Issues
Quann rice Quanta, Amt
Oaths) per tail: Wats) (C)
July I Balance 1600 2.00
July 9 3000 2.20
July 13 1200 2.556
Aug. 5 900 1.917
Aug. 17 3600 2.40
Aug. 24 1.800 4.122
Sep. II 2500 2.50
Sep. 27 2.100 4.971
Sept 29 700 1.656

Physical verification on September 30. revealed an actual stock of 3800 units. You are required to
(n) indicate the method of pricing employed in the above (h) Complete the above account.
1Mas. la) Weighted Average Slohnd lb) Closing surd 3.400 unto e 89941
IS. From the records of a company distributing petrol. the following Information is available for the
month of March. 2002:
Saks for the month Z. 79.10,000
Opening stock to on 1.3.2002 : 1.25.000 litres P r. 30,00 per litre
Purchases:
March 5 : 1.50.000 likes M T. 31.10 per litre
March 27 : 1.00.000 litres d T. 31.20 per litre
Closing stock as on 31 March. 2002 : 1.30.000 litres
General Administration expenses for
the month of March. 2002 T. 1.72.000
From the infonwation given above. work out the following. using FIFO and UFO methods of
Inventory valuation. assuming pricing of Issues being done at the end of month. after all receipts
during the month:
(a) Value of cloning stock as on 31.3.2002.
(b) Cost of Mkt. foe March. 2002.
(c) Profit or loss for March. 2002.
/Ans. (a) fouler Fife E. 40.53.000. mare Lilo E 39.05.500
(bl under Fifa C 76.54.000. under Lilo C. 78.01.500
(c) under Filo C 2.56.000. tinder Ulo C 1.08.500I