Q-2: M/s Aqua Enterprises is an AOP started business as a manufacturing firm as at 01-07-2019. A stock of 3000 units was introduced in business at 20-07-2019 as opening stock. FMV of this stock was Rs. 360,000 as at 20-07-2019 and Rs. 340,000 as at 01-07-2019 while the purchase price of the stock at the date of purchase; i.e. 01-02-2019 was Rs. 300,000.

Further information shows that the firm purchased following stocks at given dates:

Sr. #	Date of Purchase	Units	Rate
1	12-07-2019	2,000	140
2	20-08-2019	1,500	170
3	01-09-2019	1,800	160
4	09-09-2019	2,500	140
5	05-10-2019	1,600	170
6	08-11-2019	1,800	160
7	18-11-2019	2,500	180
8	15-12-2019	2,100	150
9	26-12-2019	1,900	190
10	04-01-2020	1,100	170
11	22-02-2020	1,300	180
12	13-03-2020	500	210
13	28-03-2020	2,800	190
14	10-04-2020	1,000	200
15	23-04-2020	2,700	180
16	10-05-2020	1,000	220
17	11-06-2020	1,200	200
18	29-06-2020	1,000	210
19	10-07-2020	2,500	180
20	15-08-2020	1,800	200

15,000 units were in closing stock at 30-06-2020. Firm is using FIFO method to calculate the cost of closing stock in trade.

Further information related to those 15,000 units is as follows:

(Rupees)

Estimated Selling price 4,000,000

Cost of completion 900,000

Selling expenses 200,000

REQUIRED:

You have to calculate the followings for Tax Year 2020:

1. Value of opening stock-in-trade (05)
2. Stock consumed during the year; and (10)
3. Value of closing stock-in-trade (05)