| Semester "Fall 2011" |
| GDB "Discussion Question" |
|
"Mr. Daood is an owner of two stores situated at different locations. For costing the sold units, store "M" follows the First- In-First-Out (FIFO) method while store "N" follows the Last- In-First-Out (LIFO) method. On 1st November, both stores have the same quantity in stock that is 8,000 units at Rs. 24.00 per unit. On 12thNovember, both stores received the supply of 7,000 units at Rs. 25.50 per unit. Sales made by both the stores on 24th of November are 9,800 units at Rs. 26.00 per unit individually"
Required:
Keeping in view the above situation answer the following questions: (i) Profit earned by the service station "M" during the month of November is Rs.__________. (ii) Profit earned by the service station "N" during the month of November is Rs.__________. (iii) Value of Stock at the end of the month maintained by the store "M" is Rs.__________. (iv) Value of Stock at the end of the month maintained by the store "N" is Rs.__________. |
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