A trader has the following transactions in a certain product for three months from Feb 2009:

Date

Transaction

Feb 3

Purchases

300 items at Rs 20 each

Feb 20

Purchases

100 items at Rs 24 each

Mar 1

Sells

100 items at Rs 30 each

Mar 20

Purchases

150 items at Rs 30 each

Mar 30

Sells

200 items at Rs 40 each

Apr 2

Purchases

150 items at Rs 40 each

Apr 15

Sells

175 items at Rs 50 each

Required

  1. Compute the Gross Profit earned during the period,
  2. Compute the value of the Closing Stock at Apr 30, 2009 using each of the following alternative bases of 2009 valuation: (a) FIFO, (b) LIFO, (c) WAP methods.