Calculate the Ending inventory from the following information using LIFO, SIMPLE AVERAGE methods of Material...
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Accounting
- Calculate the Ending inventory from the following information using LIFO, SIMPLE AVERAGE methods of Material issues:
The details relating to the purchase and sales of Material X is given below. Calculate the Ending inventory and Cost of goods sold for the Material X:
| Date | PARTICULARS | OMR |
| 1.1.2017 | Opening stock of Material X 250 units at | 1.200 |
| 5.1.2017 | Purchased 350 units of Material X at | 1.275 |
| 7.12017 | Purchased 425 units of Material X at | 1.340 |
| 10.1.2017 | Sold 800 units |
|
| 12.1.2017 | Purchased 550 units of Material X at | 1.425 |
| 15.1.2017 | Sold 620 units | 1.500 |
| 20.1.2017 | Sold 120 units |
|
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