Question

Q1. Tiara Ltd. follows First in First Out method for valuation of its inventory.
In the month of August 2020, it has purchased Shirts, T2Z model three times:
1st Aug-200 pieces @ Rs. 500 each;
10th Aug- 300 pieces
@ Rs. 600 each
and
18th Aug- 700 pieces @ Rs.550 each .
On 24th Aug 2020, the company could sell
900 T-shirts in this month and now wants your help
to know
The cost of Shirts sold during the month.
(ii) The value of the inventory in hand at the end of the month.
Prepare the Inventory ledger to compute the required values.
​

Answer 1

Answer:

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