OIL india is bulk distributor of high octane petrol. a periodic inventoryof petrol on hand is taken when the books are closed at the end of each month. The following summery of information is available for the month of june,2007
sales Rs 9450000
general administration cost 250000
opening stock 100000 liter @ 30 per liter 3000000
purchases (including freight)
june1: 200000 liter @ 28.50 per liter
june 30: 100000 liter @ 30.30 per liter
closing stock june 30 1,30000 liter
compute the following by fifo and weighted average method of inventary costing
(a) value of inventary on 30 june
( b) amt of cost of goods sold for june
(c) profit of loss for june