Question

Q.11. The following are the details of a spare part of Sriram mills:
Nil
1-1-2016
Opening Inventory
Purchases
1-1-2016
100 units @ Rs. 30 per unit
Issued for consumption
15-1-2016
50 units
1-2-2016
Purchases
200 units @ Rs. 40 per unit
100 units
15-2-2016
Issued for consumption
20-2-2016
Issued for consumption
100 units
Find out the value of Inventory as on 31-3-2016 if the company follows First in first out basis.​

Answer 1

Answer:

according to FIFO method, the value of inventory as on 31-3-2016 is 5000