3. The following information is provided by a dealer in computer chips. The dealer follows FIFO...

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3. The following information is provided by a dealer in computerchips. The dealer follows FIFO method for valuing stock, calculatefrom the following figures –
Date
particulars
April 1, 2019
Opening stock 750 chips @Rs1550 per chip
Purchases
April 10, 2019
1000 chips @Rs1750 per chip
April 20, 2019
1650 chips @ Rs1875 per chip
Sales
April 15, 2019
900 chips @Rs3000 per chip
April 16, 2019
1950 chips @ Rs 3250 per chip
a) Cost of goods available for sale 300Words
b) Gross profit 300 Words

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a Cost of Goods Available for Sale Opening Stock Purchases Closing Stock Opening Stock 7501550 1162500 Purchases See Answer

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3. The following information is provided by a dealer in computerchips. The dealer follows FIFO method for valuing stock, calculatefrom the following figures –DateparticularsApril 1, 2019Opening stock 750 chips @Rs1550 per chipPurchasesApril 10, 20191000 chips @Rs1750 per chipApril 20, 20191650 chips @ Rs1875 per chipSalesApril 15, 2019900 chips @Rs3000 per chipApril 16, 20191950 chips @ Rs 3250 per chipa) Cost of goods available for sale 300Wordsb) Gross profit 300 Words