The following is summary of the receipts and issues of materials in a factory during January
2022. Calculate the value of the closing stock using the FIFO and LIFO method
Date
Jan I
Jan 5
Jan 6
Jan 12
Jan 20
Jan 24
Jan 25
Receipt
(K9)
100
26
40
30
Price/Kg
[RM)
1.00
1.05
1.15
1.20
Issuing
K91
70
60
20
FIFO Method:
Closing Stock = (100 x 1.00) + (26 x 1.05) + (40 x 1.15) + (30 x 1.20) = RM179.00
LIFO Method:
Closing Stock = (100 x 1.20) + (26 x 1.15) + (40 x 1.05) + (30 x 1.00) = RM174.00