FIFO or LIFO

The company keeps its inventory & value its closing stocks at latest price. You are to prepare store ledger card. Identify the stock valuation method that the company uses to values its stocks

• First In First Out

• Last In First Out

• Weighted Average

You are to prepare store ledger card for the month of November 2019. The stock records showed that 1,000 meters of stocks were in stock on 31/10/2019, valued at RM15,000. Update this in November's store ledger card. Apply FIFO

• 
• 

Record the movement of stock. Update the stock balance in the store ledger card. Apply FIFO

• 
• 

Refer to the above transaction. Record the stock movement & update the stock balance in the store ledger card. Apply FIFO

• 
• 

Refer to the above transaction.Record the movement of stock & update the stock balance in the ledger store card. Apply FIFO

• 
• 

Refer to the above question. Record the stock movement & update the stock balance in the store ledger card. Apply FIFO

• 
• 

On 30 Nov, the company performed physical stock count and note that there are 300 meters fabrics in the store. The stock balance recorded as per store ledger card as on 30 Nov is 350 meters . How would you make the adjustment to the store ledger card.

• Record as stock loss under issuance column for 50 units

• Record under stock surplus under receipt column for 50 units

• Record as stock loss under issuance column for 300 units

• Record as stock surplus under receipt column for 300 units

On 30 November 2019, the physical stock count revealed a balance of 300 meters of stocks. The above refers to stock balance recorded in the store ledger card as at day end of 29 November. Choose the correct adjustment for the stock loss in the store ledger card. Company uses FIFO to value stocks

• 
• 

Calculate the cost of issuance for the month of November 2019

• RM29,275

• RM28,450

• RM26,050

• RM4,825