Prepare a store ledger account using the FIFO and LIFO methods. Show receipts, issues, and balance of inventory.

Here is the store ledger account prepared using the First-In-First-Out (FIFO) and Last-In-First-Out (LIFO) methods.

a) First-In-First-Out (FIFO) Method

Under the FIFO method, it is assumed that the first goods purchased or produced are the first ones sold. This means the inventory remaining at the end of a period consists of the most recently purchased or produced goods.

Store Ledger Account - FIFO Method

| Date | Particulars | Receipts (Units) | Rate (GH¢) | Amount (GH¢) | Issues (Units) | Rate (GH¢) | Amount (GH¢) | Balance (Units) | Rate (GH¢) | Amount (GH¢) | | :----------