Example
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The document is an inventory record showing receipts and issues of inventory items using both FIFO and LIFO costing methods over multiple dates from January to May. It shows the quantity received and issued each date, the unit cost, total value of receipts and issues, and the ending inventory balance valued at cost.
Example
- 1. Example Date Received Issues (units) @ Rs. Per unit (units) Jan 01 1000 10 Jan 10 260 10.50 Jan 20 700 Feb 04 400 11.50 Feb 21 300 12.50 March 16 620 April 12 240 11 May 10 500 May 25 380
- 2. FIFO Receipts Issues Balance Date Units Rate Value Unit Rate Value Unit Value Jan 01 1000 10 10000 1000 10000 Jan 10 260 10.50 2730 1260 12730 Jan 20 700 10 7000 560 5730 Feb 04 400 11.50 4600 960 10330 Feb 21 300 12.50 3750 1260 14080 Mar 16 300 10 3000 640 7660 260 10.50 2730 60 11.50 690 Apr 12 240 11.50 2760 400 4900 May 10 500 11 5500 900 10400 May 25 100 11.50 1150 520 5750 280 12.50 3500
- 3. LIFO Receipts Issues Balance Date Units Rate Value Unit Rate Value Unit Value Jan 01 1000 10 10000 1000 10000 Jan 10 260 10.50 2730 1260 12730 Jan 20 260 10.50 2730 560 5600 440 10 4400 Feb 04 400 11.50 4600 960 10200 Feb 21 300 12.50 3750 1260 13950 Mar 16 300 12.50 3750 640 6520 320 11.50 3680 Apr 12 80 11.50 920 400 4000 160 10 1600 May 10 500 11 5500 900 9500 May 25 380 11 4180 520 5320