Sharda Limited uses periodic inventory system for accounting. The following data pertains to quarter ended 30th June

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Sharda Limited uses periodic inventory system for accounting. The following data pertains to quarter ended 30th June 2017:

Particulars Beginning inventory Purchases Quantity 700 2,000 Cost per Unit (2) 1,200 1,260

The sales of the company during the quarter amounted to ₹ 2,700,000. The physical verification at the quarter end revealed 1,200 units in hands.

Using LIFO, FIFO and average cost method calculate:

1. Cost of goods available for sale

2. Value of closing inventory

3. Cost of goods sold

4. Gross profits

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Financial Accounting For Managers

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Authors: Sanjay Dhamija

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Question Posted: Dec 08, 2023 01:13 AM

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Sharda Limited uses periodic inventory system for accounting. The following data pertains to quarter ended 30th June

Question:

Particulars Beginning inventory Purchases Quantity 700 2,000 Cost per Unit (2) 1,200 1,260

Step by Step Answer:

1 Cost of goods available for sale Opening stock Purchases ...View the full answer

Financial Accounting For Managers

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