From the following data, calculate the value of Closing Inventory according to FIFO and LIFO on Mar 31, 2010 using (i) Periodic Inventory System and (ii) Perpetual Inventory System.
Mar 1: Stock in hand 400 units @ Rs 7.50 each
|
Purchases |
|
|
Mar 5 |
600 units @ Rs 8 each |
|
Mar 15 |
500 units @ Rs 9 each |
|
Mar 25 |
400 units @ Rs 8.50 each |
|
Mar 30 |
300 units @ Rs 9.50 each |
|
Issues |
|
|
Mar 3 |
300 units |
|
Mar 10 |
500 units |
|
Mar 17 |
400 units |
|
Mar 26 |
500 units |
|
Mar 31 |
200 units |