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

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Question - 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.

Required - Using FIFO method, Calculate the following:

- The monetary value of Julie's closing inventories?

- What is the total number of wools she has at the end of the month?

Reference no: EM132905763

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