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Prepare Store Ledger Card (SLC) form the following information on Jan 2017: 1. Opening Stock .........................400 uni
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Answer #1

FIFO method

transaction

purchase

cost of goods sold

balanced inventory

date

unit

rate per unit

total

unit

rate per unit

total

unit

rate per unit

total

01-Jan

beginning

400

30

12,000

-

-

-

400

30

12,000

02-Jan

purchase

200

28

5,600

400

30

12,000

200

28

5,600

15-Jan

sale

-

-

-

125

              30

3,750

275

30

8,250

200

28

5,600

21-Jan

purchase

80

25

2,000

-

-

-

275

30

8,250

200

28

5,600

80

25

2,000

27-Jan

purchase

100

32

3,200

-

-

-

275

30

8,250

200

28

5,600

80

25

2,000

100

32

3,200

29-Jan

sale

-

-

-

175

30

5,250

100

30

3,000

200

28

5,600

80

25

2,000

100

32

3,200

30-Jan

sale

-

-

-

100

30

3,000

160

28

4,480

40

28

1,120

80

25

2,000

100

32

3,200

780

22,800

440

13,120

340

9,680

LIFO method

transaction

purchase

cost of goods sold

balanced inventory

date

unit

rate per unit

total

unit

rate per unit

total

unit

rate per unit

total

01-Jan

beginning

400

30

12,000

-

-

-

400

30

12,000

02-Jan

purchase

200

28

5,600

400

30

12,000

200

28

5,600

15-Jan

sale

-

-

-

125

              28

3,500

400

30

12,000

75

28

2,100

21-Jan

purchase

80

25

2,000

-

-

-

400

30

12,000

75

28

2,100

80

25

2,000

27-Jan

purchase

100

32

3,200

-

-

-

400

30

12,000

75

28

2,100

80

25

2,000

100

32

3,200

29-Jan

sale

-

-

-

100

30

3,000

400

30

12,000

75

25

1,875

75

28

2,100

5

25

125

30-Jan

sale

-

-

-

5

25

125

75

28

2,100

60

30

1,800

340

30

10,200

780

22,800

440

12,400

340

10,200

FIFO

LIFO

sale

15400

15400

cost of goods sold

13,120

12,400

gross profit

2,280

3,000
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