Question No $06$

Moen Trader who has newly set$-$up his business summaries the following information related to purchase and

sales of goods during the month of March $2020$:

March $01.500$ Articles bought at Rs$.3\mathrm{.}50/$each

March $03.700$ Articles bought at Rs$.3\mathrm{.}80/$each

March $04.400$ Articles bought at Rs$.3\mathrm{.}20/$each

March $06\mathrm{.}800$ Articles bought at Rs$.3\mathrm{.}30/$each

Usman sold $300,1000$ and $200$ Articles on March $2,$ March $5$ and March $7$ respectively at Rs$.6\mathrm{.}00$ each. You are

required to calculate the cost of ending inventory and Gross profit by using the LIFO Method.