Calculate Cost Of Sale Sample Assignment
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Purchases Made And Sales Therefore
January 4 500 kilo @ Rs. 20 per kilo January 16 750 kilo
15 350 kilo @ Rs. 2.10per kilo 24 300 kilo
21 300 kilo @ Rs. 2.25 per kilo February 1 620 kilo
31 600 kilo @ Rs. 215 per kilo
State briefly the merits and demerits of this method of valuing cost of sale and / unsold stock.
Calculate Cost Of Sale Sample Assignment
Q. On the basis that last material to be received is first to be sold , find out the cost of the goods gold from the following information :Purchases Made And Sales Therefore
January 4 500 kilo @ Rs. 20 per kilo January 16 750 kilo
15 350 kilo @ Rs. 2.10per kilo 24 300 kilo
21 300 kilo @ Rs. 2.25 per kilo February 1 620 kilo
31 600 kilo @ Rs. 215 per kilo
State briefly the merits and demerits of this method of valuing cost of sale and / unsold stock.
Solution:
Stock Ledger Sheet (Assumption : LIFO)|
Date Receipts |
Issued |
Balance |
|
Rs. 4 Jan. 500x2 = 1,000 15Jan. 350x2.10 = 735 16Jan. _
21Jan. 400x2.25 = 900 24Jan. _ 31Jan. 600x2.15 = 1,290 1Feb. _ |
_  1,335 |
|
1,535
675
1,735
200
1,100
425
1,715
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