Ouestion No $4$

a$)$ If there is a hyperinflation in the market, which method $($FIFO or Moving average or LIFO$)$ is better to use for

a company? Why?

b$)$ X Ltd$.$ had the following inventory transactions for the year ending $30$ June, $2008$

During the year company sold $8000$ as per following schedule:

It uses perpetual inventory system to record inventory. Calculate the value of the inventory, COGS, and Gros

Profit under FIFO inventory system.

IMarks: $4+6=10$