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1. The following information about Q, a stock item sold by Patel has been presented to you.
October 1
b/d
100 units @ sh. 20
October 5
Sale
80 units @ sh. 25
October 7
Purchase
200 units @ sh. 22
October 13
60 units @ sh. 27
October 17
300 units @ sh. 23
October 24
320 units at sh. 28
October 29
150 units @ sh. 24
October 31
200 units @ sh. 29
Required:
Compute the cost of closing stock and the gross profit under each of the following cost flow assumptions.
a) LIFO periodic
b) LIFO perpetual
c) Weighted average perpetual.
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