Cost accounting | Accounting homework help

 

The following information relates to item Q002 stocked by Mutaka products Ltd for the month of April 2004:

Receipts

Issues

Date

Units

Units

Unit cost (Sh)

April3

2,400

20

4

3,200

6

2,600

18

12

2,700

22

2,600

21

25

2,800

26

3,100

23

28

3,200

27

29

4,900

The closing balance for March 2004 was a batch of 2,900 units received at a unit price of Sh 21.

Required:

  1. Stores perpetual inventory record for item Q002 for April 2004 under LIFO and FIFO systems of stores issues. (10) marks)

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