iii. Explain the need for procedures and documentation of materials.

ii. The following information were extracted from the books of Adepa Company Limited. On 1 January a company had an open inventory of 100 units which cost 50 each During the year it made the following purchases 5 April: 300 units at 60 each 14 July: 500 units at 70 each 22 October: 200 units at 80 each During the period it sold 820 units as follows 9 May: 200 units 25 July: 200 units 3 23 November: 200 units 12 December: 220 units The manager of stores has identified a physical inventory of only 250 items at the end of the period Required Estimate the company's inventory value using FIFO 10 Marks