COST AND MANAGEMENT ACCOUNTING

ASSIGNMENT 1
The following is a summary of the receipts and issues of materials in a factory during the month of April.
Date Particulars Qty Rate per unit
1 Received (GRN No.001) 2000 10
5 Received (GRN No.002) 300 12
8 Issued (Req. No. 001) 1200 -
10 Received (GRN No.003) 200 14
12 Issued (Req. No. 002) 1000 -
23 Received (GRN No.004) 300 11
31 Issued (Req. No. 002) 200 -

Required:
1. Prepare a statement showing the pricing of issues on the basis of
a) FIFO method
b) LIFO method
c) Simple Average method
d) Wighted Average method.

2. Compute the material cost of production and closing inventory under each of the four methods
3. Comment of the differences in the cost of production and closing inventory between the four
methods