CA CPT Model Test Paper 1 with solutions for online practice

Question : 14 of 201

Marks: +1, -0

A firm dealing in cloth has 15000 meters of cloth on April 1, 2009 valued at Rs.1,50,000 according to LIFO. The firm purchased 20000 meters @ Rs.12 per meter during the year ending 31st March, 2006 and sold 30000 meters @ Rs.25 per meter during the same period. As per LIFO, the closing stock will be valued at: