INVENTORY MANAGEMENT QUESTIONS Q1----following is a summary of receipts and issues of materials in a factory during january,current year.

Jan-01 3 4 8 13 14 16 20 24 25 26 27 31

opening balance,500 units@25 per unit issue 70 units issue 100 units issue 80 units received from supplier,200 units@24.50 per unit returned to store 15 units@24 per unit issue 180 units received from supplier 240 units@24.75 per unit issue 304 unit received from supplier 320 units@24.50 per unit issue 112 unit returned to store 12 units@24.50 per unit received from supplier 100 units@25 per unit

work out on the basis of fifo and lifo at which materials are issued and the value of stock as on jan 31. the physical verification revealed that on jan 15,there was a shortage of 5 units and another of 8 units on jan 28. ans fifo lifo 13010 13094

Q---prepare stores ledger as per fifo and lifo?

1 5 10 12 15 19

opening stock 1000 units@rs 5 each purchased 900 units @rs 6 each issued 1200 units purchased 800 units @rs 6.20 each purchased 300 units@rs 6.40 rs each issued 400 units

22 issued 600 units 27 purchased 200 units@rs 6.50 each 31 issued 600 units

ans

fifo

2580

Q---the following transactions occur in the purchase and issue of a material. prepare stores ledger account using simple average and weighted average method.

Jan-02 20 Feb-05 10 Feb-12 Mar-02 Mar-05 Mar-15 Mar-20

purchased 4000 units@rs 4 per unit purchased 500 units @5 per unit issued 2000 units purchased 6000 units @6 per unit issued 4000 units issued 1000 units issued 2000 units purchased 4500 units @5.50 rs per unit issued 3000 units

ans

simple avg weighted avg

15000 16470

Q---following information is in the stores ledger complete the receipts and issues valuation by fifo,lifo and weighted average method.. opening stock purchases Jan-01 Jan-20 Jan-22 Jan-23 nil 100@rs 1 per unit 100@rs 2 per unit 60 for job w-16 60 for job w-17

issues

ans

fifo lifo weighted avg

160 80 120

Q--prepare a stores ledger based on weighted average method of pricing issue.

Sep-01 1 2 5 12 13 18 22 28 30

opening bal purchased issue issue issue purchased issue purchased issue issue

24000 kg@7.5 per kg 44000 kg @7.6 per kg 10000 kg 16000 kg 24000 kg 10000 kg@8 per kg 24000 kg 50000 kg@8 per kg 30000 kg 22000 kg

ans

end bal

2000kg@7.97=15942

ENT QUESTIONS

ing january,current year.

e value of stock as on jan 31. another of 8 units on jan 28.

a material. method.