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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.
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