Calculate by FIFO Method of inventory valuation, the Cost of Goods Sold and value of Ending Inventory from the following data:
|
Date |
Transaction |
Units |
Price per Unit (Rs) |
|
June 1 |
Opening Stock |
3,000 |
20 |
|
June 15 |
Purchases |
1,500 |
25 |
|
July 10 |
Purchases |
1,200 |
22 |
|
July 15 |
Sold |
3,600 |
|
|
Aug 1 |
Sold |
1,500 |
|
|
Aug 10 |
Purchases |
1,200 |
25 |
|
Aug 31 |
Sold |
1.500 |