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Adnan Naeem Imports, Ltd has the following information about the inventory of electronic components for October 2016.
Inventory, B..s@Rs. 32
October 5..s@Rs. 32
October 1..s@Rs. 31
October 2..s@Rs. 33
At the end of October, 220 components remained in inventory.
Problem 1: If uses the FIFO method of allocating inventory, what would is the cost of goods sold for October?
Problem 2: If company uses the FIFO method of allocating inventory costs, what would is the ending inventory?
Problem 3: If company uses the average cost method of allocating inventory costs, what would is the ending inventory for October?
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