Q.2 M/s Dawood Mart record shows the beginning inventory of product on January 1, and the purchase of this item during the current year to be as follows: (10 Marks)

Date	Particular	Quantity in unit	Rate per unit Rs.
1	Beginning Inventory	1400	10
2	Purchase	2600	11
3	Purchase	4000	12
4	Purchase	5000	13
5	Purchase	2000	15
	Total	15000 Units

A physical count indicates 3000 units in inventory at year end.

Determine the cost of the ending inventory and cost of cost of goods sold, based on each of the following methods of inventory valuation.

1. FIFO
2. LIFO
3. Weighted Average
4. Also comments which method is suitable in this case for maximum tax benefits and why?