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Compute the net profit using the FIFO

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Question - Jupiter Company sold 20,000 crates of a soft drink at Rs. 120 during the year. Its beginning inventory consisted of 1,000 crates at Rs. 70 per crate. The following purchases were made during the year: 5,000 crates @ Rs. 75; 8,000 crates @ Rs. 76; 9,000 crates @ Rs. 80. Operating expenses were Rs. 3,65,000. Income tax is payable at 30%. Compute the net profit using the FIFO, LIFO and WAC.

Reference no: EM133034973

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