Q$4.$ Answer the following:

$4$A$.$ From the following ratios and information given below, prepare Trading Account, Profit and

Loss Account and Balance Sheet of the ABC Lid. Company:

$4$B$.$ Fixed Assets $/$ Total Current Assets $5/7$

on ApZ Carpets sold $190$ carpets during the year at Rs$.3400$ each. It had a beginning inventory

during $1,202$ of $20$ carpets at a cost of Rs$\mathrm{.}2300$ each. The following purchases were made

May $20$X$2,40,$ carpets at Rs$.2400$ each

July $20$X$2,50$ carpets at Rs$\mathrm{.}2500$ each

September $20$X$2,60$ carpets at Rs$.2700$ each

February $20$X$3,30$ carpets at Rs$\mathrm{.}2800$ each

The company incurred operating expenses of Rs$.58000$ during the year. It uses the periodic

inventory system.

You are required to:

I. Prepare a schedule to compute the cost of goods available for sale during the year.

II$.$ Prepare the ending inventory on March $31,20x3$ using LIFO and FIFO method.

III. Prepare a statement of Profit and Loss under each of above inventory costing methods.