Question
A business follows the FIFO method of inventory
management and undertook the following inventory transactions during the year : Opening Stock: 100 0 units @ ₹10 0 Purchases: 200 0 units @ ₹12 0 Sales: 250 0 units W hat is the closing inventory value of the business ?Solution
Explanation :
FIFO – First In First Out i.e. o ldest stock is sold first
As such, for selling the 250 0 units , 100 0 units from opening stock at ₹10 0 each are used followed by additional 150 0 units from the purchases of 2000 units made during the year at ₹12 0 each. Thus, the remaining inventory from the purchases stands at 2000 units (purchased) – 1500 units sold = 500 units of ₹12 0 each.
→ Closing inventory = 50 0 units @ ₹12 0 = ₹60 , 0 0 0
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