Assuming that Sharda Limited uses a perpetual inventory system and keeps detailed record of purchase and sales. The datewise break up of purchase and sales during the quarter is given below:

Using LIFO, FIFO and average cost method, calculate:

1. Value of closing inventory

2. Cost of goods sold

3. Gross profits

Transcribed Image Text:

Date Purchases 10th April 5th May 15th June Sales 7th April 10th May 12th June Quantity 800 500 700 400 800 300 Unit Price (2) 1,240 1,250 1,290 1,800 1,800 1,800