Question

M/S Swadeshi cotton Mills Ltd. take a periodic inventory of their stocks on chemical Y at the end
of each month. The physical inventory taken on June 30 shows a balance of 1,000 litres of
chemical Y in hand @Rs 2.28 per litre. The following purchases were made during July:
July 1 14,000 litres @Rs 2.30 per litre
July 8 10,000 litres @Rs 2.32 per litre
July 9 20,000 litres @Rs 2.33 per litre
July25 5,000 litres @Rs 2.35 per litre
A physical inventory on July31 discloses that there is a stock of 10,000 litres.
You are required to compute the inventory value on July 31, by LIFO method.

Answer 1

Answer:

M/S Swadeshi cotton Mills Ltd. take a periodic inventory of their stocks on chemical Y at the end

of each month. The physical inventory taken on June 30 shows a balance of 1,000 litres of

chemical Y in hand @Rs 2.28 per litre. The following purchases were made during July:

July 1 14,000 litres @Rs 2.30 per litre

July 8 10,000 litres @Rs 2.32 per litre

July 9 20,000 litres @Rs 2.33 per litre

July25 5,000 litres @Rs 2.35 per litre

A physical inventory on July31 discloses that there is a stock of 10,000 litres.

You are required to compute the inventory value on July 31, by LIFO method.

Explanation:

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Answer 2

Answer:

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Explanation: