a retail shop dealing in knitwear has the following transactions during june 2008 563219

A retail shop dealing in knitwear has the following transactions during June 2008.

Date

Purchase/Sale

Units/Knitwear

Rate per unit Rs

June 2

Purchase

1,000

SO

June 8

Purchase

500

60

June 12

Sale

500

70

June 15

Purchase

800

70

June 18

Sale

1,000

85

June 24

Purchase

500

85

June 28

Sale

800

100

You are required to compute

  1. The gross profit earned during June,
  2. The value of stock held on June 30, 2008 using each of the following alternative basis of valuation:
    1. FIFO,
    2. LIFO,
    3. Weighed Average Cost.

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