Reference no: EM132756499

Following are the data pertaining to the purchase and sale of an item P of inventory during March:

March:

1 balance 400 units @ Rs. 2 each
5 purchased 400 units @2.05
10 sold 600 units
15 purchased 600 units @2.10
20 purchased 200 units @2.15
25 sold 600 units
28 purchased 400 units @2.15
30 purchased 400 units @2.20
31 sold 600 units

Problem 1. prepared scdedules to calculate the ending inventory at March 31, 2004 under each of the following inventory methods:

i. FIFO
ii. Moving average

Problem 2. compute the gross profit if sale price is Rs. 5.3 each.