Marks Making Ltd. sells stationery items of common use. Calculate the value of closing inventory from the following data using FIFO Method (a) periodic inventory system and (b) perpetual inventory system.

Issues during January :

Jan 6 - 100 units, Jan 9 - 200 units, Jan 15 - 400 units, Jan 27 - 600 units

Receipts Particulars Units Rate Amount (Rs) Jan 1 Inventory in hand (opening) 200 7 1400 Jan 8 Purchases 1100 8 8800 Jan 25 Purchases 300 9 2700 Jan 31 Purchases 400 10 4000