M Company, records its inventory under first-in-first-out method, so as to minimize accumulation of outdated stock. The opening stock as on September 01, 2013 is 150 units at the rate of 20 per unit. The purchases and sales made during the month are:
Purchase - 04-09-2013 - 200 units - Rs 25 per unit.
17-09-2013 - 100 units - Rs 22 per unit.
Sales - 03-09-2013-100 units
10-09-2013-150 units.
With effect from September 01, 2013, the company decided to change the method of inventory valuation from the FIFO method to LIFO method. The change in the value of inventory as on September 30, 2013 consequent upon the change in the method of valuation is
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