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how to calculate process account under fifo and weighte
average method in eqivalent production.
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Answer Posted / maheshwari
FIFO method means first in first out -
example purchase:- Rate of inventory . Unit Amount
1st purchase 80 100 8000
2nd purchase 70 100 7000
so when you what to issue 150unit of goods then you have to issues 100 unit of Rs. 80 & 50 unit of 70 Rs.
sell 80 100 8000
70 50 3500
& Weighted average method =
cost of available material / Quantity of available material
As above example 2nd purchase cost is calculated as,
We have Cost of available material = 80*100 + 70*100
= 8000 + 7000 = 15000
& Quantity of available material = 100 + 100 = 200
Weighted Average cost = 15000/200
= 75 Rs.
then 2nd purchase cost is calculated = 100 unit @ 75Rs.
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