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