Find out from the following data, the Cost of Goods Sold, Closing Inventory and Profit under FIFO, LIFO methods of inventory valuation:
|
2009 |
|
|
June 1 |
Inventory 200 units at Rs 3 each |
|
June 28 |
Purchases 240 units at Rs 4 each |
|
July 31 |
Purchases 220 units at Rs 5 each |
|
Aug 17 |
Purchases 280 units at Rs 6 each |
Sales for the period: 800 units at Rs 8 each