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HP is a leading. distributor of petrol. A detail inventory of petrol in hand is taken when the books are closed at the end of each month. At the end of month following information is available
Sales - Rs.47,25,000
General overheads cost - Rs.1,25,000
Inventory at beginning - 1,00,000 litres @ 15/- per litre
Purchases
June 1- two lakh litres @ 14.25
June 30 - one lakh litres @ 15.15
Closing inventory 1.30 lakh litres
Compute the following by the FIFO as per AS-2 :
(i)Value of Inventory on June 30.
(ii) Amount of cost of goods sold for June.
(iii) Profit/Loss for the month of June.
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