Homework Answers
Under LIFO new goods are sold first and closing stock is consist of old goods.
Answer to A
Cost of GOods = 92 x 21
= 1932
Answer to B
Closing stock would have total 37 units which are calculated as under:
Units and cost from new stock = (109-92) x 21
= 357
Units and cost from old stock = (98-78) x 17
= 340
Total value of stock - 357 + 340 = 697
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