QUESTION: At 30-06-2019 a company has 5000 units of closing stock in trade. Date of Purchase Units Rate Sr. # 1 05-07-2018 2,500 215 2 20-09-2018 1,500 218 3 28-09-2018 200 4 08-10-2018 1,800 2,500 2,000 217 5 11-02-2019 218 6 09-03-2019 400 220 7 12-03-2019 1,100 225 8 10-04-2019 500 230 9 16-05-2019 800 235 10 26-06-2019 1,000 232 Further information shows that the firm purchased following stocks during the Tax Year 2019: Estimated selling price Cost of completion Expected selling expenses 1,900,000 400,000 100,000 You are required to calculate value of closing stock as at 30-06-2019 according to the Income Tax Ordinance, 2004. The company is adopting FIFO method for costing of stock in trade