Problem
Aqua Plus Sdn Bhd produces dieting juice known as DaCb that mixes dragon fruit with acaiberries. One bottle of DaCb uses 200 gm of dragon fruit and 300 gm of acai berries. The production starts from Mixing department where dragon fruits are mixed with some water and honey and later send to Finishing department where acai berriesare added.
The dragon fruitsare normally bought in bulk and recentreceipts, issues and returns on dragon fruitsfor the month ofJune 2020 are as follows:
June Transactions
1 Opening balance of 400 kgsvalued at RM5 each.
2 Purchased 300 kgs at a priceof RM5.50 each.
10 Purchased 450 kgs at a priceof RM5.25 each.
15 Issued to production department to manufacture 3,000 bottles of DaCb.
20 Purchased another 200 kgs at a price of RM6 each.
25 Issued 600 kgs to production department.
26 Purchased another500 kgs at a discount of 5% from thelast price.
27 Returned 100 kgs to supplier due to rottenfruits. The returnsare related to the purchased on 26 June 2015.
28 Purchased 200 kgs at a priceof RM6.20 each.
29 Issued to production department to manufacture 2,000 bottles of DaCb.
30 Physical stock takeidentified that thereare 300 kgs of dragonfruits in thestore.
Task
Prepare a store ledger card using Last in First out (LIFO) method and show the value of closingstock as at 30 June 2020.