Calculate the value of Closing Inventory and cost of sale according to FIFO, LIFO and WAP methods on…

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.

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