A toy shop buys two batches of dolls during its accounting period: Batch 1 purchased in Month

Question:

A toy shop buys two batches of dolls during its accounting period:

Batch 1 purchased in Month 1: 5 @ €10 each; and Batch 2 purchased in Month 2: 5 @ €12 each.

During Month 3, three dolls were sold @ €25 each.

Requirement Calculate the cost of closing inventory at the end of Month 3 using both FIFO and the weighted average methods for calculating the cost of inventory.

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