Question Description
Bharat Indian Oil is a bulk distributor of petrol. A periodic inventory of petrol on hand is taken when the books are closed at the end of each month. The following summary of information is available for the month :Sales Rs.9,45,000General administration cost Rs.25,000Opening Stock: 1,00,000 litres @ Rs.3 per litre Rs.3,00,000Purchases (including freight inward):June 1 2,00,000 litres @ Rs.2.85 per litreJune 30 1,00,000 litres @ Rs.3.03 per litreJune 30 Closing stock 1,30,000 litresQ.Compute the Profit or loss for June using LIFO method of inventory costing.a)Rs 1,95,500b)Rs 165,000c)Rs 1,40,000d)Rs 1,95,000Correct answer is option 'C'. Can you explain this answer? for CA Foundation 2024 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about Bharat Indian Oil is a bulk distributor of petrol. A periodic inventory of petrol on hand is taken when the books are closed at the end of each month. The following summary of information is available for the month :Sales Rs.9,45,000General administration cost Rs.25,000Opening Stock: 1,00,000 litres @ Rs.3 per litre Rs.3,00,000Purchases (including freight inward):June 1 2,00,000 litres @ Rs.2.85 per litreJune 30 1,00,000 litres @ Rs.3.03 per litreJune 30 Closing stock 1,30,000 litresQ.Compute the Profit or loss for June using LIFO method of inventory costing.a)Rs 1,95,500b)Rs 165,000c)Rs 1,40,000d)Rs 1,95,000Correct answer is option 'C'. Can you explain this answer? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Bharat Indian Oil is a bulk distributor of petrol. A periodic inventory of petrol on hand is taken when the books are closed at the end of each month. The following summary of information is available for the month :Sales Rs.9,45,000General administration cost Rs.25,000Opening Stock: 1,00,000 litres @ Rs.3 per litre Rs.3,00,000Purchases (including freight inward):June 1 2,00,000 litres @ Rs.2.85 per litreJune 30 1,00,000 litres @ Rs.3.03 per litreJune 30 Closing stock 1,30,000 litresQ.Compute the Profit or loss for June using LIFO method of inventory costing.a)Rs 1,95,500b)Rs 165,000c)Rs 1,40,000d)Rs 1,95,000Correct answer is option 'C'. Can you explain this answer?.

Solutions for Bharat Indian Oil is a bulk distributor of petrol. A periodic inventory of petrol on hand is taken when the books are closed at the end of each month. The following summary of information is available for the month :Sales Rs.9,45,000General administration cost Rs.25,000Opening Stock: 1,00,000 litres @ Rs.3 per litre Rs.3,00,000Purchases (including freight inward):June 1 2,00,000 litres @ Rs.2.85 per litreJune 30 1,00,000 litres @ Rs.3.03 per litreJune 30 Closing stock 1,30,000 litresQ.Compute the Profit or loss for June using LIFO method of inventory costing.a)Rs 1,95,500b)Rs 165,000c)Rs 1,40,000d)Rs 1,95,000Correct answer is option 'C'. Can you explain this answer? in English & in Hindi are available as part of our courses for CA Foundation. Download more important topics, notes, lectures and mock test series for CA Foundation Exam by signing up for free.

Here you can find the meaning of Bharat Indian Oil is a bulk distributor of petrol. A periodic inventory of petrol on hand is taken when the books are closed at the end of each month. The following summary of information is available for the month :Sales Rs.9,45,000General administration cost Rs.25,000Opening Stock: 1,00,000 litres @ Rs.3 per litre Rs.3,00,000Purchases (including freight inward):June 1 2,00,000 litres @ Rs.2.85 per litreJune 30 1,00,000 litres @ Rs.3.03 per litreJune 30 Closing stock 1,30,000 litresQ.Compute the Profit or loss for June using LIFO method of inventory costing.a)Rs 1,95,500b)Rs 165,000c)Rs 1,40,000d)Rs 1,95,000Correct answer is option 'C'. Can you explain this answer? defined & explained in the simplest way possible. Besides giving the explanation of Bharat Indian Oil is a bulk distributor of petrol. A periodic inventory of petrol on hand is taken when the books are closed at the end of each month. The following summary of information is available for the month :Sales Rs.9,45,000General administration cost Rs.25,000Opening Stock: 1,00,000 litres @ Rs.3 per litre Rs.3,00,000Purchases (including freight inward):June 1 2,00,000 litres @ Rs.2.85 per litreJune 30 1,00,000 litres @ Rs.3.03 per litreJune 30 Closing stock 1,30,000 litresQ.Compute the Profit or loss for June using LIFO method of inventory costing.a)Rs 1,95,500b)Rs 165,000c)Rs 1,40,000d)Rs 1,95,000Correct answer is option 'C'. Can you explain this answer?, a detailed solution for Bharat Indian Oil is a bulk distributor of petrol. A periodic inventory of petrol on hand is taken when the books are closed at the end of each month. The following summary of information is available for the month :Sales Rs.9,45,000General administration cost Rs.25,000Opening Stock: 1,00,000 litres @ Rs.3 per litre Rs.3,00,000Purchases (including freight inward):June 1 2,00,000 litres @ Rs.2.85 per litreJune 30 1,00,000 litres @ Rs.3.03 per litreJune 30 Closing stock 1,30,000 litresQ.Compute the Profit or loss for June using LIFO method of inventory costing.a)Rs 1,95,500b)Rs 165,000c)Rs 1,40,000d)Rs 1,95,000Correct answer is option 'C'. Can you explain this answer? has been provided alongside types of Bharat Indian Oil is a bulk distributor of petrol. A periodic inventory of petrol on hand is taken when the books are closed at the end of each month. The following summary of information is available for the month :Sales Rs.9,45,000General administration cost Rs.25,000Opening Stock: 1,00,000 litres @ Rs.3 per litre Rs.3,00,000Purchases (including freight inward):June 1 2,00,000 litres @ Rs.2.85 per litreJune 30 1,00,000 litres @ Rs.3.03 per litreJune 30 Closing stock 1,30,000 litresQ.Compute the Profit or loss for June using LIFO method of inventory costing.a)Rs 1,95,500b)Rs 165,000c)Rs 1,40,000d)Rs 1,95,000Correct answer is option 'C'. Can you explain this answer? theory, EduRev gives you an ample number of questions to practice Bharat Indian Oil is a bulk distributor of petrol. A periodic inventory of petrol on hand is taken when the books are closed at the end of each month. The following summary of information is available for the month :Sales Rs.9,45,000General administration cost Rs.25,000Opening Stock: 1,00,000 litres @ Rs.3 per litre Rs.3,00,000Purchases (including freight inward):June 1 2,00,000 litres @ Rs.2.85 per litreJune 30 1,00,000 litres @ Rs.3.03 per litreJune 30 Closing stock 1,30,000 litresQ.Compute the Profit or loss for June using LIFO method of inventory costing.a)Rs 1,95,500b)Rs 165,000c)Rs 1,40,000d)Rs 1,95,000Correct answer is option 'C'. Can you explain this answer? tests, examples and also practice CA Foundation tests.