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 12th November, 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 store "M" during the month of November is
Rs.__________.
(ii) Profit earned by the store "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.__________.
Just provide your final answers in the given pattern. Avoid for providing
details of formulas and calculations
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