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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

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.

May 12 2020 View more View Less

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