Assume a stock purchase sheet which details the daily stock purchase of various Raw material at various per unit prices. On another sheet, the closing stock of each Raw material type is entered. In issuing Raw Material, one may want to follow the First In First Out (FIFO) method accounting which assumes the Raw material issued is from the oldest stock lying in inventory i.e. the inventory left over will be from the recent stock purchased.
The objective is to determine the value of the closing stock of Raw material on FIFO basis.
You may refer to my solution in the attached workbook.
Valuing Closing Stock using FIFO method of Accounting
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