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