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For the six months period ended October 31, 2017. CHRIST IS THE ANSWER, an importer and distributor of machine guns, had the following transactions in

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For the six months period ended October 31, 2017. CHRIST IS THE ANSWER, an importer and distributor of machine guns, had the following transactions in his records: There was an opening balance of 900 units which had a value of GH19,800.00 Bought Quantity Date May 3 June 15 August 30 Units 750 1,000 Cost per unit GH 20.50 25.00 29.00 2,000 Sold Quantity Date Units Price per unit GH July 5 1,250 32.00 September 18 1,750 35.00 October 27 1,500 37.00 From the information given above and using the Weighted Average method for pricing issues, you are required to: i. Show the stores ledger records including the closing stock balance and stock valuation. [15 marks] ii. Prepare the trading accounts for the period to show the gross profit for the method of pricing issues used in question i. [8 marks] iii. How is inventory valued? [2 marks]

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