Reference no: EM132832615

Julie runs a Knitting shop. She enters into the following transactions during the month of January:

January 1st Purchases 1,200 wools at £1 each.

January 13th Purchases 500 wools at £1.20 each.

January 14th Sells 700 wools at £2 each.

January 16th Sell 600 wools at £2.50 each

Using LIFO method, Calculate the following:

Problem a) The revenue generated from sales?

Problem b) Total Cost of goods sold?

Problem c) The Total profit made?

Problem d) The monetary value of Julie's closing inventories?

Problem e) What is the total number of wools she has at the end of the month?