Question # 1:

Prepare material degree card, with the help of following data, using FIFO method:
Date Inventory & Purchases Date Issued
October 1 Balance 50,000 units @ Rs.18 October 10 30,000 units
October 15 Purchases 30,000 units @ Rs.17 October 18 50,000 units
October 25 Purchases 40,000 units @ Rs.16 October 28 30,000 units

Question # 2:
Yasir Manufacturing Company shows the following information on March 31, 2009:
March 1: Beginning balance 800 units @ Rs.6 per unit.
March 5: Purchased 200 units @ Rs.7 per unit.
March 10: Purchased 200 units @ Rs.8 per unit.
March 16: Issued 400 units.
March 25: Purchased 300 units @ Rs.9 per unit.
March 28: Issued 500 units.
REQUIRED
Prepare material ledger card by FIFO method.

Question # 3:
The records of ABC Co. show the following purchases and issue of materials during May 2009:
May 1: Beginning balance: 600 units @ Rs.8 each.
May 4: Purchased 800 units @ Rs.10 each.
May 10: Issued 500 units.
May 12: Purchased 1,000 units @ Rs.12 each.
May 15: Purchased 2,000 units @ Rs.15 each.
May 25: Issued 900 units.
May 32: Issued 1,500 units.
REQUIRED
Record the above information in material ledger cards using FIFO and LIFO costing methods.

Question # 4:
The following information is to be used in costing inventory on October 31:
Inventory, October 1: 800 units @ Rs.1.60 each.
Purchases, October 5: 200 units @ Rs.1.70 each.
Purchases, October 9: 200 units @ Rs.1.80 each.
Purchases, October 24: 300 units @ Rs.1.90 each.
Issued, October 16: 400 units.
Issued, October 27: 500 units.

REQUIRED
The cost of material used and the cost assigned to the October 31 inventory by each of the
following perpetual inventory costing method:
(a) Weighted Average. (b) FIFO. (c) LIFO.