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Calculate the cost of closing stock at april

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Reference no: EM132513273

Ace Limited uses a perpetual inventory system. The company concluded the following transactions for thier stock during April 2019:

Date                             Information

01                             Opening balance: 2 000 units at R1 per unit

03                             Purchased 2 400 units at R1.10 per unit

04                              Sold 3 200 units

06                             Purchased 4 000 units at R1.15 per unit

08                            Sold 1 200 units

10                              Purchased 6 000 units at R1.20 per unit

15                              Sold 3 200 units

Required:

Question 1: Using the FIFO method of inventory valuation, Calculate the cost of closing stock at April 2019.

Reference no: EM132513273

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