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In cost accounting, the Stores Ledger Account is prepared to record the receipts and issues of materials and to ascertain the value of closing stock. Under the First-In, First-Out (FIFO) method, it is assumed that materials purchased first are issued first. Therefore, the cost of materials issued is based on the earliest available lot in stock, and the closing stock is valued at the latest purchase prices. To prepare the Stores Ledger Account under FIFO method for January 2025, the ledger is divided into three main sections: Receipts, Issues, and Balance. Each section records quantity, rate, and amount. Whenever materials are purchased, the quantity and rate are recorded in the Receipts _____ _____ _________ _________ ____ ____ _________.
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