Financial Accounting - Old Questions

16. The following material transactions of a manufacturing company is provided to you

2018, December, 1, Opening stock of raw material 1100 units @ Rs.10 each

2018, December, 5, Purchased 300 units @ Rs.9 each.

2018, December, 9, Issued 800 units.

2018, December, 14, Issued 500 units.

2018, December, 18, Purchased 1,000 units @11 each.

2018, December, 22, Returned 50 units from issued of 9 December.

2018, December, 25, purchased 500 units @10 each.

2018, December, 30, issued 900 units.

Required: Closing stock of material on 31 December, 2018 under First in First out

(FIFO) method