Cost information of the Alpha Pvt Ltd. show the following purchases and issues of materials during October:

October 1. Beginning Balance: 2800 units @ Rs. 12.00 per unit.

4. Issued 1200 units.

6. Received 1000 units @ Rs.13.30 per unit.

8. Issued 1000 units.

14. Received 400 units @ Rs.14.00 per unit.

17. Issued 800 units.

20. Received 500 units @ Rs.14.16 per unit.

25. Issued 900 units.

27. Received 1200 units @ Rs.13.00 per unit.

Required: 1. The cost of material consumed and the cost assigned to the inventory at the end of the month, using FIFO Method. Which industry uses FIFO method and Why?

2. The cost of material consumed and the cost assigned to the inventory at the end of the month, using Average Cost Method. Which industry uses average cost method and Why?

3. The cost of material consumed and the cost assigned to the inventory at the end of the month, using LIFO Method

4. The comparative statement showing the effect of each method on gross profit?