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Sir,Please help me to solve this question
Opening inventory as at 01/04/20*7 $100000
(50000 kg @ $2 per kg)
Sales for the month of April 20*7 $250000
Purchase including carriage inwards
April 12 40000kg @$1.9 per kg
April 25 25000kg @$2.1 per kg
Closing inventory is 35000kg as at 30 April 20*7
Other non – production overheads $25000
Company follows the FIFO methods for valuation of inventory1) state the value of closing inventory.
2)calculate the cost of goods sold during 30 April 20*7.
3)calculate the profit on the goods sold.Please do not expect us to solve questions for you. You must have an answer in the same book in which you found the question and so you should ask which part of the answer is causing you a problem.
Our free lectures on IAS 2 Inventories cover everything you need to be able to solve this question easily.
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