FINANCIAL ACCOUNTING Q: ACCOUNTING FOR INVENTORY VALUATION: GIVEN: - Bashir Traders presents the following Informations for the month of January 2002. The firm maintains the perpetual inventory system. January 1, Balance 2000 units January 4, Purchases 3000 units January 5, Sales 2500 units January 7, Purchases 2200 units January 8, Sales 2000 units January 10, Purchases 4000 units January 12, Sales 1500 units January 15, Sales 1750 units January 20, Purchases 3750 units January 22, Sales 2250 units January 26, Purchases 5250 units @ Rs.1.25 @Rs.1.30. @ Rs.2.50 (@Rs.1.35 @ Rs.2.50 @Rs.1.30 @ Rs.2.50 @ Rs.2.50 @Rs.1.25 @ Rs.2.50 @Rs.1.20 January 28, Sales 4000 units January 29, Purchases 1750 units @ Rs.2.50 @Rs.1.25 January 30, Sales 2250 units @ Rs.2.50 Required: a) Compute the Cost of the January 31 inventory and the cost of goods sold for the month under each assumption. I) FIFO and II) Moving Average