Question # 3 On Jan 1, company had 8000 units in inventory costing Rs.120,000. During the period ended June 30, purchases were made as follows

: Feb.4: 1500 units @ Rs.16

April 2: 2500 units @ Rs.18

May 31: 6000 units @ Rs.19

Sales made during the period ended June 30 are as under:

Jan.10: 4000 units @ Rs.20

Feb.6: 1000 units @ Rs.21

April 15: 2000 units @ Rs.22

June 16: 4000 units @ Rs.23

Required:

(10 Marks) Determine the cost of ending inventory and cost of goods sold at June 30, assuning that business uses the perpetual inventory system and LIFO, Moving Average Method for inventory valuation separately.