EPFO APFC • General Studies • 2023 • Q.80
Accountancy & AuditingMedium
Consider the following information:
| Date | Particulars | Units | Rate per unit (₹) |
|---|---|---|---|
| Jan. 1 | Inventory in hand | 200 | 7 |
| Jan. 8 | Purchases | 1100 | 8 |
| Jan. 25 | Purchases | 300 | 9 |
| Jan. 6 | Issued for sale | 100 | — |
| Jan. 9 | Issued for sale | 200 | — |
Which one of the following is the value of inventory on January 31 under perpetual inventory system using Last-In-First-Out (LIFO) method?
Syllabus Connection
Principles of Accountancy: Accounting concepts & conventions, double-entry bookkeeping, journal, ledger, trial balance, depreciation, final accounts preparation (trading, P&L, balance sheet), company accounts & share capital, Accounting Standards (AS & Ind AS). (APFC)
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