At the end of May 2016 there was in stock 1,200 units of Product PZ25 at Jamaica Co Ltd, valued at $200 each. During June 2016, the company sold one unit of the product for $370. The following receipts and sales of the stock item took place during the month:

Date	Receipts	Date	Sales
June 2016	Quantity Total Cost	May 2016	Quantity Sales Price
5	800 $105,000	11	1,400 $420,000
17	1,200 $144,000	21	1,040 $306,800
25	440 $55,000	30	680 $238,000

The accounting records also revealed that the following costs were incurred in the selling of MP250 during June 2016: carriage outwards, $100,000; salaries, $160,000; electricity $72,000.

Required:

(a) Jamaica Co. Ltd stores ledger card showing the values of the receipts, issues and closing stock for the month of June 2016 using the FIFO stock valuation method. (12 marks)

(b) Prepare a statement of profit or loss made from selling PZ25 during the month of June 2016 if $20,000 was pre-paid for electricity while $24,000 was owing for salaries at the end of June 2016. (5 marks)

(c) Define three (3) types of inventories that have to be valued at the end of an accounting period. (3 marks)