STU Electronics Limited is a trader in electronic items and maintains its inventory using periodic inventory system.
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STU Electronics Limited is a trader in electronic items and maintains its inventory using periodic inventory system. The following data pertains to quarter ended 31st December 2017 for one of its high selling products:
The sales of the company during the quarter amounted to ₹ 14,400,000. The physical verification at the quarter end revealed 170 units in hands.
Using LIFO, FIFO and average cost method, calculate:
1. Cost of goods available for sale
2. Value of closing inventory
3. Cost of goods sold
4. Gross profits
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