Find out from the following data the cost of goods sold closing inventory and grass profit under the FIFO and LIFO methods of inventory valuation.

January 1, 2010 Inventory 100 units @ 3/-each January 31, 2010 Purchases 120 units @ 4/- each February 28, 2010 Purchases 110 units @ 5/- each March 31, 2010 Purchases 140 units @ 6/- each Sales for the period 400 units @ 8/- each.

[Ans.: Profits – FIFO Rs. 1450 LIFO Rs. 1240]