ANSWER ALL QUESTIONS QUESTION 1 [20 MARKS] The following are the expected inventory movements for Material XQ for the year ended December 2020: Date (2020) Details Units Unit price (P) 01 Jan Balance bld 200 10.00 09 Feb Receipt 600 10.50 Issue 560 07 Jun Receipt 700 11.00 Issue 800 01 Oct Receipt 500 12.00 08 Nov Issue 200 27 Nov Issue 200 04 Apr 02 Sep i. REQUIRED: a. Calculate separately the cost of each issue during 2020 using: FIFO method (8 marks) ii. AVCO method (8 marks) b. Evaluate the effect of using LIFO on both closing stocks and profits against the two methods above. (4 marks) Page 2 of 4