Calculate the Cost of Goods Sold, value of Closing Stock and Profit under LIFO method of stock valuation from the following information:
|
Jan 1 |
(Stock) |
(200 units @ Rs 6 each) |
|
Jan 16 |
(Bought) |
(240 units @ Rs 8 each) |
|
Feb 3 |
(Bought) |
(220 units @ Rs 10 each) |
|
Feb 21 |
(Bought) |
(280 units @ Rs 12 each) |
During Mar, 800 units were sold at Rs 16 each