Calculate the value of Closing Inventory and cost of sale according to FIFO, LIFO and WAP methods on Dec 31, 2009.
|
Dec 1 |
(Stock in hand) |
250 units |
@ Rs 16 per unit |
|
Dec 5 |
Purchases |
3,750 units |
@ Rs 20 per unit |
|
Dec-10 |
Purchases |
4,250 units |
@ Rs 24 per unit |
|
Dec-15 |
Purchases |
4,500 units |
@ Rs 30 per unit |
|
Dec-25 |
Purchases |
6,000 units |
@ Rs 22 per unit |
Stock at Dec 31, 2009 – 1,750 units. Assuming that the sale price was uniform at Rs 30 per unit throughout the month, compute the gross profit.