How do we get the for FIFO the total amount for closing inventory and cost of goods sold and the amount of profit or loss / and for LIFO the same things ?

(0301310) Cost and Management Accounting Assignment for Chapter 4 Sample of Mid-term exam during the Fall / Spring Semester 2012-2013 Student's Name: ID #: ......................................................... Number on the list: ......................................................... Assignment's Date: . ................................................................................................................ p/ Sm?) (Problem 1) (?? markS) 1) Sharjah orginsation was organized on Feb 1", 2012. During the period of the year the orgnisatlon made several actions in order to evaluate and control inventory movements. Using information gwen below find the following: 3) Calculate the total amount (in dollar) for closing inventory on December 31St 2012 in both FIFO and LIFO methods. b) Calculate the cost of goods sold on December 31St 2012 in both FIFO and LIFO. c) Calaculate the profit (or loss) on December 31St 2012 in both FIFO and LIFO 1. On Feb 15', 2012 the orginsation beginning inventory 300 units at price of $2.00 per unit 2. On Marc 10"! the orginsation purchased 700 units at price of $1.00 per unit. 3. On May 5 th, 2012 the orginsation purchased 400 units at price of $3 per unit. 4. On July St", 2012 the orginsation sold 500 units at price of $3.00 per unit. 5. On September 15th, 2012 the orginsation sold 300 units at price of $4 per unit. 6. On October 12'h, 2012 the orginsation purchased 700 units at price of $1.5 per unit, 7. On December 30th, 2012 the orginsation sold 600 units at price of $4 per unit Use this space for your answer: 12 F IF 0 . 'D St - Total amount (in dollar) for closmg 1nventory on December 31 2012 1s: ("marks) "2012'8: "'-----n..... The cost of goods sold on December 31 1 (99 marks) ....... ............. uuuuu """""""""""""""""""""""" IIIIII nu un