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Solve the monetary value of julie closing inventories

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Reference no: EM132832628

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

Questions:

Problem 1: Using FIFO method, Calculate the monetary value of Julie's closing inventories?

Problem 2: What is the total number of wools she has at the end of the month

Reference no: EM132832628

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