A partnership firm maintains the inventory records under perpetual system of inventory held for the ….

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  • 04/25/2019 at 2:42 pm #618238 Reply
     EduGorilla 
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    A partnership firm maintains the inventory records under perpetual system of inventory held for the month of March, 2005.

    Date Particulars Quantity Cost per unit (Rs.)
    March 1 Opening Inventory 15 400
    March 4 Purchases 20 450
    March 6 Purchases 10 460

    On March 24, 2005, If the firm sold 32 units, closing inventory under FIFO method would be:

    Options :-

    1. Rs. 7500
    2. Rs. 5681
    3. Rs. 5800
    4. Rs. 5950
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