Hi guys , I'm having problem with this question :confused::



The following information relates to the recipts and issue of material X into stock during January 19X1.

Date Receipts into stores Issue to production

Quantity Price Value Quanity
Units $ $ Units
1.1.x1 100 10 1000 ?
10.1.x1 150 11 1650 ?
15.1.x1? 125
20.1.x1 50 12 600 ?
31.1.x1? 150

Requred: Usinf FIFO metod of pricing the issue of goods to production , calculate :
a) The issue prices at which goods will be changed to production ?
b) The closing stock value at 31 Jan 19X1 ?


Thank you !:p

you should write your question more clearer...
answer the question using FIFO ledger format...
based on my understanding
the answer will be
a) 100+275+1375+300 = 2050
b) 300

Well, she did, but it's over here:
https://www.askmehelpdesk.com/accounting/fifo-method-pricing-360626.html

The two threads were originally back to back so I found it, but now they've gotten separated. So what she really should have done is put the more clear one tacked onto this same thread.

However, I found the thing impossible to solve. You're welcome to give it a go and see if you find something I can't. :-)