Explain the following two methods of pricing of material issues and also the circumstances under…

Explain the following two methods of pricing of material issues and also the circumstances under which these methods are used: FIFO and LIFO

Draw a stores ledger card recording the following transactions that took place in a month under the aforementioned two methods:

1,994

1

January

Opening stock

200 pieces

Rs 2 each

5

January

Purchases

100 pieces

Rs 2.20 each

10

January

Purchases

150 pieces

Rs 2.40 each

20

January

Purchases

180 pieces

Rs 2.50each

2

January

Issues

150 pieces

7

January

Issues

100 pieces

12

January

Issues

100 pieces

28

January

Issues

200 pieces

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