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The precision Door Company sold 2,200 doors during 2018 at 160 dollar per door. Its beginning inventory on January 1 was 130 doors at 56 dollar. Purchases made during the year were as follows:
February 225 doors at 62 dollar
April. 350 doors at 65 dollar
June 700 doors at 70 dollar
August 300 doors at 66 dollar
October. 400 doors at 68 dollar
November. 250 doors at 72 dollar
Question 1: Compute the COGS and Ending Inventory under each of the following inventory cost flow assumptions:
(a) Simple Weighted Average, (b) FIFO, (c) LIFO.
Determine the following measures for the fiscal years ended May 31, 2013 (fiscal 2012), and May 31, 2012 (fiscal 2011). Do not round interim calculations. Round the working capital amount in part (a) to the nearest dollar.
Is issue one appropriate action to be taken in regards to IFRS policy and if so why? and for issue two what appropriate according to IFRS
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