Applying FIFO
1-4 goog purchase 90 unit @ 10
2-4 good purchase 100 unit @ 11
4-4 good sold 190 unit @ 14
6-4 good purchase 50 unit @ 9
8-4 good return by customer 20 unit
9-4 good sale 10 unit @ 14
10 unit sold from which date 2-4 , 6-4 ?
FIFO- First purchased inventory will be first processed and sold first. So 190 purchases- 190 sales. 20 units returned because they are faulty. Next new purchases is on 6-4 and the 10 units were sold from 6-4.
No information is given
Naveen Fintech Pvt Ltd
Kolkata
CA Inter
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CAclubindia
