a) State five (5) functions of the store keeper [5 marks]

b) Mr. Yiadom decided on 1 July, to invest his insurance compensation of GH 4,000,000 in a retail business to buy and sell second hand shovels. The following transactions took place from that month to December.

date	Purchase quantity	Cost	Date	Sales quantity	value
July 5	200	720,000	Aug 2	500	2.500,000
Aug 1	400	1,520,000
Sept 3	600	2,400,000
Oct 4	400	1,400,000	Oct 12	600	2,700,000
Dec 7	500	1,400,000	Dec 12	400	1,500,000

(a) Calculate the cost of shovels issued during the period and the cost of shovels on hand on

31/12 using the following methods of pricing

i) FIFO

ii) LIFO

iii) Weighted average (calculation to nearest whole number)

(b) Calculate and discuss the effect, each of the pricing methods will have on the reported profit

of the business

(c) Examine critically the performance of the business during the period