Professional Documents
Culture Documents
Inventory Account (LIFO Method)
Inventory Account (LIFO Method)
Inventory Account (LIFO Method)
Date
Particulars
Receipts Issues Balance
Qty.
(units)
Rate
(Rs.)
Amount
(Rs.)
Qty.
(units)
Rate
(Rs.)
Amount
(Rs.)
Qty.
(units)
Rate
(Rs.)
Amount
(Rs.)
Jan 1 Balance b/d 50 4 200 - - - 50 4 200
Jan 5 Receipt of Material X 40 3 120 - - - 50
40
4
3
200
120
Jan 8 Receipt of Material X 30 4 120 - - - 50
40
30
4
3
4
200
120
120
Jan 10 Issue of Material X - - - 30
40
4
3
120
120
50
4
200
Jan 12 Issue of Material X - - - 10 4 40 40 4 160
Jan 15 Receipt of Material X 20 4 80 - - - 40
20
4
4
160
80
Jan 20 Issue of Material X - - - 20 4 80 40 4 160
Jan 24 Issue of Material X - - - 10 4 40 30 4 120
Jan 26 Receipt of Material X 40 3 120 - - - 30
40
4
3
120
120
Jan 31 Shortage of Material X
(Normal Loss)
- - - 5
(Normal
Loss)
3 15 30
35
4
3
120
105
65 225