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FIFO, LIFO and Average Closing Stock Costing by Perpetual and Periodic Example

May 29, 2013 Leave a comment

Problem

Accounts of ABC Ltd as on 31st Dec, 1997

Dec, 1997

1

Opening Stock 300 Units @ Rs. 9.70

3

Purchases 250 Units @ Rs. 9.80

11

Issues 400 Units

15

Purchases 300 Units @ Rs. 10.05

20

Issues 210 Units

25

Purchases 150 Units @ Rs. 10.30

26

Issues 100 Units

Work out the value of closing stock under the following methods of pricing

  1. FIFO (Perpetual)
  2. LIFO (Perpetual)
  3. Weighted Average (Perpetual)
  4. FIFO (Periodic)
  5. LIFO ((Periodic)
  6. Weighted Average (Periodic)

Solution

FIFO (Perpetual)

Date

Purchase

Issues

Balance

Dec, 1997

Qty

Rate

Value

Qty

Rate

Value

Qty

Rate

Value

1

300

9.7

2910

3

250

9.8

2450

300

9.7

2910

250

9.8

2450

11

300

9.7

2910

150

9.8

1470

100

9.8

980

0

15

300

10.05

3015

150

9.8

1470

0

300

10.05

3015

20

0

150

9.8

1470

240

10.05

2412

0

60

10.05

603

0

25

150

10.3

1545

240

10.05

2412

0

150

10.3

1545

26

0

100

10.05

1005

140

10.05

1407

0

150

10.3

1545

Value of Closing Stock

290

2952

LIFO (Perpetual) Read more…

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ITIL Course ITI597 Videos by Charles Sturt University

May 27, 2013 2 comments

ITI597 IT Infrastructure Library Foundation

This is a great set of videos for learning ITIL = Information Technology Infrastructure Library.

Abstract: This subject introduces the concepts of IT Service Management (ITSM) based on the IT Infrastructure Library (ITIL). It describes a set of processes involved in developing an IT framework and features the exciting and hands-on High Performance simulation that provides an interactive learning experience throughout the course. This results in a thorough grounding in the basic theory of ITSM, which can be used to participate in ITSM projects at any level.
University: Charles Sturt University

Presented By : Marco Cattaneo
1. CSU: ITIL v3 Introduction to the subject ITI597

2. CSU: ITIL v3 The Concept of Good Practice
3. CSU: ITIL v3 The Concept of a Service
4. CSU: ITIL v3 The Concept of Service Management
5. CSU: ITIL v3 The Concept of Functions and Processes
6. CSU: ITIL v3 The Concept of a Process and its Characteristics Read more…

Categories: Education-Training, ITIL