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  3. (b) ?the fair deal granary was not maintaining a p

(b) ?The Fair Deal Granary was not maintaining a perpetual inventory system for its stocks...

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Accounting

(b) ?The Fair Deal Granary was not maintaining a perpetual inventory system for its stocks unit recently. Only physical inventory was taken at the end of each month. The physical inventory at the end of December 2007 ?showed 200 ?kgs of fine rice at Rs. 212.25 ?per bag. The following purchases were made in January, 2008:
\table[[3rd  ?January,400 ?bags at Rs. 218.00 ?per bag],[10th  ?January,900 ?bags at Rs. 223.50 ?per bag],[15th  ?January,400 ?bags at Rs. 220.00 ?per bag],[28th  ?January,700 ?bags at Rs. 213.00 ?per bag],[30th  ?January,300 ?bags at Rs. 224.00 ?per bag]]
On 31st  ?January, 2008 ?the physical stock was 1,200 ?bags. You are required to calculate the value of the closing stock on 31st  ?January, 2008 ?according to Last-In-First-Out (LIFO) ?and Weighted Average Cost Method (WAM). ?Valuation of closing stock is highest under which method.
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