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Hugo Ltd., follows the LIFO system. From the particulars given below, ascertain the cost of sales and closing inventory under CPP method. Inventory on 1.1.1998

Hugo Ltd., follows the LIFO system. From the particulars given below, ascertain the cost of sales and closing inventory under CPP method. Inventory on 1.1.1998 $. 20,000 Purchasing during 1998 $. 75,000 Inventory on 31.12.1998 $. 25,000 General Price Index 200 240( Average for 1998) 300

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