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Find the cost of sales and cost of closing stock and gross

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Reference no: EM132719398

Prepare Store Ledger Card (SLC) form the following information on Jan 2017:

1. Opening Stock 400 units @ Rs. 30 Rs. 12,000

2. Purchases 200 units @ Rs. 28 Rs. 5,600

15. Sales 125 units @ Rs. 50 Rs. 6,250

21. Purchases 80 units @ Rs. 25 Rs. 2,000

27. Purchase 100 units @ Rs. 32 Rs. 3,200

29. Sales 175 units @ Rs. 48 Rs. 8,400

30. Sales 140 units @ Rs. 55 Rs. 7,700

Required

Question 1: Determine the Cost of Sales, cost of Closing Stock and Gross profit under each of the following method by using perpetual inventory system.

1. Cost are assigned on the basis of LIFO

2. Cost are assigned on the basis of Weighted Average

Reference no: EM132719398

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