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Stock Record Card Form

Stock Record Card Form

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Instructions and help about what is stock record

let's look at how stock cards are completed using fifo so for example jb hi-fi has a sony tv inventory item which it sells to customers and how would it use a stock card and fifo to do that so let's say on the first of july the only balance of stock was five units and they were valued at 180 each so we start with the details which is the the date first of july the reference is balance and then we go all the way over to the balance column and we say the opening balance was five units at 180 for a total of nine hundred dollars the next thing that happened was on july the second we purchased 10 units on credit invoice 843 for 190 each plus gst so we've got the date second of july we've got the invoice 843 we've got 10 units coming in at 190 for a total of 9 800. so note we're only using the cost prices in the stock car we didn't worry about the gst we're just interested in the actual cost amount here and then over in the balance column we're listing things in fifo order so we're rewriting

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