Amani Hypermarket is following the Historical Cost accounting Method and furnishes you the following details. Particulars HCA – OMR Price Index Stock on 01-01-2019 160,000 100 Purchases 960,000 Stock on 31-12-2019 240,000 150 a. What is the value of closing stock under LIFO as per CPP Method? b. What is the value of Cost of Goods Sold under LIFO as per CPP Method?
Amani Hypermarket is following the Historical Cost accounting Method and furnishes you the following details. Particulars HCA – OMR Price Index Stock on 01-01-2019 160,000 100 Purchases 960,000 Stock on 31-12-2019 240,000 150 a. What is the value of closing stock under LIFO as per CPP Method? b. What is the value of Cost of Goods Sold under LIFO as per CPP Method?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Amani Hypermarket is following the Historical Cost accounting Method and furnishes you the following details.
Particulars
HCA – OMR
Price Index
Stock on 01-01-2019
160,000
100
Purchases
960,000
Stock on 31-12-2019
240,000
150
a. What is the value of closing stock under LIFO as per CPP Method?
b. What is the value of Cost of Goods Sold under LIFO as per CPP Method?
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