Calculate Cost Of Sale Sample Assignment

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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. _

Rs.

1,535

675

1,335

500x2 = 1,000

1,735

200

1,100

425

1,715

380

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