4. The stock of material held on 1-4-2018 wvas 400 units @ RO 50 per unit The following receipts and issues were recorded. You are required to prepare the Stores Ledger Account, showing how the values of issues would be calculated under Base Stock Method, both through FIFO AND LIFO 02-4-2018 06-4-2018 Purchased 100 units @ RO 55 per unit R Issued 400 units Purchased 600 units @ RO 55 per unit R Issued 400 units Purchased 500 units @ RO 65 per unit. R Issued 600 units 10-4-2018 13-4-2018 20-4-2018 25-4-2018

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FIFO METHOD On 1 August L&T Co. had a balance in inventory of 120 units at AED14.25 per unit. The following transactions occurred during the month. Augs 4 Purchased 155 units at AED15 per unit Augs 5 Retumed 10 units from August 4 purchases Augs 6 Sold 175 units Augs8 40 of the units sold on Augs 6 were returned Augs10 Purchased 135 units al AED 17 per unit Augs 12 Returned 25 of the units that was purchased on Augs 10 a, Prepare the inventory valuation report using FIFO (First In-First Out) b. Compute the total cost of goods sold and ending inventory on Augs. 31. Description Cost of goods purchased Units Cost of goods sold Price Ending Invento Units Date Price Total Cost Units Total Cost

FIFO inventory method: What is the gross sales for the month is? The gross profit on sales is? The amount of inventory on December 31, 2019 is? Balance December 1 4,000 units at P 25 3,000 units at P 26 3500 units at P28 1, 500 units at P 27 December 4 December 15 December 25 December 16 ( December 15 purchase) December 3 Purchases Purchase return 300 units Sales: 3,000 units at P 35 2,000 units at P 36 1,000 units at P 37 December 16 December 28 Sales return December 17 (December 16 sale) 200 units