A Company stated in 1st January, 1995 purchased raw material during 1995 as stated below:

January 2 800 kg @ Rs. 62 per Kg February 26 1,200 kg @ Rs. 57 per Kg April 13 2,500 kg @ Rs. 59 per Kg July 10 3,000 kg @ Rs. 56 per Kg September 18 1,500 kg @ Rs. 60 per Kg November 29 1,000 kg @ Rs. 65 per Kg While preparing its final accounts on 31st December, 1995 the company had 1,300 kgs of raw material in its godown.

Calculate the value of closing stock of raw material according to:

I. First in First Out basis.

II. Last in First Out basis, and III. Weighted Average basis

[Ans.: Value of closing stock, (i) 83,000, (ii) Rs. 78,100, and (iii) Rs. 76,505]