Following are the data pertaining to the purchase and sale of an item P of inventory...
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Following are the data pertaining to the purchase and sale of an item P of inventory during March: March: 1 5 10 15 20 25 28 30 31 balance 400 units @ Rs. 2 each purchased 400 units @2.05 sold 600 units purchased 600 units @2.10 purchased 200 units @2.15 sold 600 units purchased 400 units @2.15 purchased 400 units @2.20 sold 600 units 1. prepared scdedules to calculate the ending inventory at March 31, 2004 under each of the following inventory methods: i. FIFO ii. Moving average 2. compute the gross profit if sale price is Rs. 5.3 each. Following are the data pertaining to the purchase and sale of an item P of inventory during March: March: 1 5 10 15 20 25 28 30 31 balance 400 units @ Rs. 2 each purchased 400 units @2.05 sold 600 units purchased 600 units @2.10 purchased 200 units @2.15 sold 600 units purchased 400 units @2.15 purchased 400 units @2.20 sold 600 units 1. prepared scdedules to calculate the ending inventory at March 31, 2004 under each of the following inventory methods: i. FIFO ii. Moving average 2. compute the gross profit if sale price is Rs. 5.3 each.
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Answer rating: 100% (QA)
I FIFO Method March 1 Opening balance 400 units Rs 2 Rs 800 March 5 Purchase 400 units Rs 205 Rs 820 ... View the full answer
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date:
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