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Question 15 During the month of March, Orville Inc made the following sales and purchases of rulers 2022 March 01 Balance brought forward 1 000 items @ $10.00 each March 06 Purchase 800 items @ $11.00 each Sold 1250 items March 18 Sales Price $15 per unit March 26 Sold 500 items Sales Price $16 per unit March 28 Purchase 600 items @ $12.00 each Sold 300 items March 30 Sales Price $17 per unit Required a. Prepare Accounting statements for the month showing the Gross and Net profit if closing stock is valued on each of the following methods: The overhead expenses incurred during the year have amounted to $2 000. (i) FIFO (ii) AVCO b. Explain three advantages and three disadvantages of using each of the inventory valuation methods used above. Question 16a Debra Inc. is considering the economic order quantity for two (2) brands of Fertilizer, Natural Grow and Nutri Blends following information is collected. Natural Grow Annual demand 8 000 bags Nutri Blends 5 120 bags $35 Ordering costs per order $30 Annual carrying cost per bag $12 $14 Required: i. Compute the EOQ for Natural Grow, and Nutri Blends. (4 marks) ii. Compute the total annual ordering and carrying cost (inventory cost) for Natural Grow and Nutri Blend (4 marks) a. The following data relate to stock item purchase by Apex Ltd. Question 16b The following data relate to stock item purchase by Apex Ltd. Average usage Minimum usage Maximum usage Lead time EOQ (Previously calculated) Required: Calculate the: a) Reorder level b) maximum level c) minimum level 330 days 420 per day 20 - 28 days 10 000 150 per day