A company has been following LIFO (last in first out) method of inventory valuation under periodic system. During the year, the company had the following transactions relating to inventory:

During the year, the total quantity sold was 38,700 crore units resulting into a stock level of 1,300 crore units. During the year 2010–11, the company changed the method of inventory valuation to FIFO (first in first out) from the previous practice of LIFO. Show how cost of goods sold and value of inventory has been affected.

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Date Particulars Quantity (units in Rate (*) crore) 01/04/10 Opening stock 1,500 12 22/07/10 Purchase 7,500 13 16/10/10 Purchase 12,500 12.50 22/01/11 Purchase 8,500 13.20 23/02/11 Purchase 10,000 13.50