A trader has the following transactions in a certain product in the month of May 2009. Calculate the Cost of Goods Sold and the Closing Inventory using FIFO, LIFO and WAP methods.
|
Date |
Transaction |
Units |
Rate per Unit (Rs) |
|
May I |
Opening Stock |
100 |
2 |
|
May 4 |
Purchases |
400 |
3 |
|
May 7 |
Sells |
450 |
16 |
|
May-15 |
Purchases |
500 |
4-12 |
|
May-25 |
Sells |
300 |
5 |