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Calculate profit and loss on sale

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Reference no: EM132983583

Question - Your Company uses FIFO for inventories (under IFRS). In your company the FIFO is calculated on continuous basis. There are known following information:

a. At the beginning of June your company has 180 units of good A measured at 280 USD/unit.

b. On June 11th your company purchased 260 units of good A at 290 USD/unit.

c. On June 18th your company sold 220 units of good A at 420 USD/unit. The amount 420 USD is selling price of one unit of A.

d. On June 26th your company purchased additional 190 of A at 330 USD/unit.

Required - Calculate profit and loss on sale.

Reference no: EM132983583

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