Reliable petroleum's 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: ₹9,45,000 General administrat

Reliable petroleum's 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: ₹9,45,000 General administrative cost: ₹25,000 Opening stock- 1,00,000 liters @ ₹3 per litre: ₹3,00,000 Purchases (including freight): 1 st March: 2,00,000 liters @ ₹2.85 per litre 31 st March: 1,00,000 liters @ ₹3.03 per litre 31 st March: closing stock: 1,30,000 litres Compute the following by using First In First Out (FIFO) and weighted average method: Value of inventory on 31 st March. Amount of the cost of goods sold. Profit or loss for the month of March.