Let's look at how stock cards are completed using FIFO. For example, JB Hi-Fi has a Sony TV inventory item which it sells to customers. How would it use a stock card and FIFO to do that? So let's say on the first of July, the opening balance of stock was 5 units, and they were valued at $180 each. We start with the details, which is the date (first of July), the reference (balance), and then we go all the way over to the balance column. We state that the opening balance was 5 units of $180, for a total of $900. The next transaction occurred on July the 2nd, where 10 units were purchased on credit, invoice 843, for $190 each, plus GST. So, we record the date (2nd of July), the invoice (843), and the units purchased (10) at $190 each, for a total of $1,900. Note that we only use the cost prices in the stock card and don't consider the GST. Moving to the balance column, we list things in FIFO order. We rewrite the previous day's total of 5 units of $180 and, underneath that, we write the incoming 10 units at $190. The next day, a customer comes in and we sell 2 units for cash, at $300 each, plus GST. However, since the stock card only records the cost price, we don't need to include the $300 in the stock card. We assume first-in, first-out, so the first units in the stock (the $180 units) must be sold. We record 2 units at $180, totaling $360, in the out column. We now have 3 units of stock remaining at $180, totaling $540. Next, we have a transaction where we sell 5 units on invoice "What I Want," sold for $280 each, plus GST. Again, the...
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How to maintain Stock Ledger Form: What You Should Know
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