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Firmino Traders has the following transactions with Product Alpha over a two-year period. Firmino values inventory on a FIFO basis Required: Prepare a table for
Firmino Traders has the following transactions with Product Alpha over a two-year period. Firmino values inventory on a FIFO basis Required: Prepare a table for both 2020 and 2021 showing all of the changes in inventory to calculate for both 2020 and 2021 (a) Year-end Inventory Valuation (b) Net Profit figures (assume expenses will be 30% of Gross Profit) (c) What would have been the impact on the Net Profit figures over the two years if AVCO valuation had been employed
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