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Ahmed started a business on 1 January 2019 selling printers. He bought 1000 printers at a cost of $80 each at the beginning of his accounting year. On May 1st, 2019 he bought a further 350 printers, but the cost had risen by this stage from $80 to $120. At the accounting year end on 31st December 2019, Ahmed had 250 printers in inventory. He sold the others during the year for $200 each.
Required:
Question 1: Calculate the value of Ahmed's inventory on 31st December 2019 using:
a. FIFO
b. LIFO
c. Calculate Gross profit
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