Question: 4. Calculate the Ending inventory from the following information using LIFO, SIMPLE AVERAGE methods of Material issues: The details relating to the purchase and sales

4. Calculate the Ending inventory from the following information using LIFO, SIMPLE AVERAGE methods of Material issues: The details relating to the purchase and sales of Material X is given below. Calculate the Ending inventory and Cost of goods sold for the Material X: Date PARTICULARS OMR 1.1.2014 Opening stock of Material X 250 units at 1.200 5.1.2014 Purchased 350 units of Material X at 1.275 7.12014 Purchased 425 units of Material X at 1.3401 10.1.2014 Sold 800 units 12.1.2014 Purchased 550 units of Material X at 1.4251 15.1.2014 Sold 620 units 1.500 20.1.2014 Sold 120 units

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