D Company , a dealer in cosmetics , records its inventory under first-in-first-out method , so as to minimize accumulation of outdated stock . The opening stock as on September 01,2005 is 150 units at the rate of Rs.20 per unit . The purchase and Sales made during the month are: Purchases on 04-09-2005 , 200 units , cost price per unit Rs.25, on 14-09-2005 , 100 units cost price per unit Rs.22 ; Sales on 03-09-2005, No of units 100 , and , on 10-0--2005 No of units 150 With effect from September 01, 2005 , the company decided to change the method of inventory to LIFO consequent upon the change in the method of valuation is
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