from the records of an oil distributing company the following summarised information 608164

Aug 29, 2021 | Uncategorized

From the records of an oil distributing company, the following summarised information is available for the month of Mar 2010.

Rs

Sales

4,72,500

General administrative expenses

12,500

Opening Stock: 5,000 ltrs @ Rs 30 per litre = 1,50,000

5.3.2010 – Purchases: 10,000 ltrs @ Rs 28.50 per litre

17.3.2010 – Purchases: 5,000 ltrs @ Rs 30.30 per litre

Closing Stock: 6,500 ltrs

Compute

  1. Value of Inventory as on Mar 31, 2010
  2. Cost of Goods Sold during Mar 2010
  3. Profit or loss for the month of Mar 2010

using FIFO method of inventory valuation.