From the records of an oil distributing company, the following summarised information is available for the month of March 2005.
Sales of the month: Rs. 19,25,000
Opening Stock as on 1.3.2005: 1.25,000 litres @ Rs. 6.50 per litre
Purchases (including freight and insurance):

Closing stock as on 31.3.2005: 1,30,000 litres.
General administrative expenses for the month: Rs. 45,000
On the basis of the above information, work out the following using FIFO and LIFO methods of inventory valuation assuming that pricing of issues is being done at the end of the month after all receipts during the month:
(a) Value of closing stock as on 31.3.2005
(b) Cost of goods sold during March 2005
(c) Profit or loss for March 2005

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March 5 March 27 150,000 litres @ Rs. 7.10 per litre 100,000 litres @ Rs. 7.00 per litre