Solution-Calculate on an closing inventory by item basis

Calculate on an closing inventory by item basis for year

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Reference no: EM132967275

A firm has the following transactions with its product NYear 1Opening inventory: Nil

Buys 10 units at $300/unit

Buys 12 units at $260/unit

Sells 8 units at $400/unit

Buys 6 units at $200/unit

Sells 12 units at $400/unit

Year 2

Buys 10 units at $200/unit

Sells 5 units at $400/unit

Buys 12 units at $150/unit

Sells 25 units at $400/unit

Required:

Problem 1: Calculate on an item by item basis for both year 1 and year 2:

i. Closing inventory

ii. Sales revenue

iii. Cost of sales

iv. Gross profit

Using the FIFO method of inventory valuation

Reference no: EM132967275

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Calculate on an closing inventory by item basis for year

Reference no: EM132967275

Reference no: EM132967275

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