Question
The method of inventory valuation that assumes that the
most recently purchased items are the first to be sold is called:Solution
LIFO is an inventory valuation method which assumes that the goods most recently added to inventory (last in) are the first to be sold (first out). (Note: LIFO is prohibited under International Financial Reporting Standards (IFRS) and is also not permitted by the Indian accounting standard on inventories, Ind AS 2, but is a conceptual method often tested).
The combined cost price of items X and Y is ₹  450 and the overall profit after selling both is 20%. If the selling price of X is ₹ 300, what is ...
A trader buys 50 pens at ₹15 each. He sells 20% of them at a 20% loss, and the rest at 25% profit. Find his total profit percentage.
In a certain store, the profit is 320% of the cost. If the cost increases by 25% but the selling price remains constant, approximately what perce...
A shopkeeper marks his goods 40% above cost price. During a sale, he gives a discount of 20% on the marked price and still makes a profit. What is his p...
 A man sells a watch at 10% loss. Had he sold it for ₹60 more, he’d have gained 5%. Find the cost price.
A invested Rs. (P + 900). B entered after 2 months with Rs. 4P. If the ratio of B’s profit share to A’s is 10:7, find (P − 225).
Rajesh purchased 10 books, 30 copies, and 20 files, respectively for Rs 2000, Rs 1500, and Rs 1200 respectively from the whole sale shop. By selling eac...
- A product is marked at Rs. 5,000 which is Rs. 2,000 more than its cost price. If it is sold after giving a discount such that a profit of 10% is made, find...
A Man sold 2 articles for ₹4,000 each, gained 20% on one and lost 20% on the other. What is the total gain or loss rounded to the nearest integer?
A dealer marks his article 50% above the cost price and gives a discount of 20% on it. If he later marked his article 75% above the cost price and gave ...
