Indian oil is a bulk distributor of petrol. A perpetual inventory of petrol on hand is taken when thebooks are closed at the each of month. The following summary of information is available of month. Sales Rs. 37,80,000 General Administration cost Rs.1,00,000 Opening inventory 1 lakh liters@12/-per liter. Rs. 12,00,000 Purchases (including freight inward) June-1 2 lakh liters@11.40 Rs. per liter. June-30 1 lakh liters@12.12 Rs. Per liter. June-30 closing inventory.1,30,000 liters Using the information given above compute the amount of cost of goods sold for the month of June using LIFO method.

Correct Answer is : Rs. 31,50,000

CA CPT June 2015 Question Paper Fundamentals of Accounting for online practice

Question : 20 of 60

Marks: +1, -0

Indian oil is a bulk distributor of petrol. A perpetual inventory of petrol on hand is taken when thebooks are closed at the each of month. The following summary of information is available of month.

Sales Rs.	37,80,000
General Administration cost	Rs.1,00,000
Opening inventory 1 lakh liters@12/-per liter. Rs.	12,00,000
Purchases (including freight inward)
June-1	2 lakh liters@11.40 Rs. per liter.
June-30	1 lakh liters@12.12 Rs. Per liter.
June-30	closing inventory.1,30,000 liters

Using the information given above compute the amount of cost of goods sold for the month of June using LIFO method.

Rs. 31,50,000
Rs. 27,00,00
Rs.32,60,000
Rs. 31,80,000

Validate

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