Question

    A company makes the following purchases during a month:

    100 units at ₹10 each on 1 July and 200 units at ₹12 each on 14 July and later, on 25 July, 150 units are sold. Using the FIFO (First In, First Out) method, what is the value of the closing Inventory for July end?
    A ₹1,500 Correct Answer Incorrect Answer
    B ₹3,400 Correct Answer Incorrect Answer
    C ₹1,700 Correct Answer Incorrect Answer
    D ₹1,800 Correct Answer Incorrect Answer

    Solution

    The correct answer is D

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