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
- Compute the Gross Profit earned during the period,
- 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.