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Hemavathy
Jul 24, 2009, 10:40 PM
Oil india is bulk distributor of octane petrol. A periodic inventory of petrol on hand is taken when the books are closed at the end of each month. the following summary of information is available for yhe month of june'07.
sales Rs.94,50,000
General administration cost 2,50,000
Opening stock: 1,00,000 ltrs @<hidden> per ltr 30,00,000
Purchases(including freight)
jun1:2,00,000 ltr @<hidden> per ltr
Jun30:1,00,000 ltr @<hidden> per ltr
closing stock jun 30 1,30,000ltrs
Compute by FIFO and weighted average
a. Value of inventory on jun30
b. Amount of cost of goods
profit or loss for jun