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Question Part 1 Practice Session No.5 ACC101-Spring 2022 Khawaja Masood Raza Cooking Stores uses a periodic Inventory system. One of it's most popular products is a "Jaldi Pressure cooker". The Inventory quantities, purchases, and sales of this product for the year ended 31 December 2018 are as follows: Number of Units Total Cost (Rs) Cost per Unit (Rs) 8,000 9,000 10,000 150,000 12,000 120,000 13,000 5 40,000 Inventory, Jan 01, 2018 First purchase (Mar. 1) 10 90,000 Second purchase (July 1) 15 Third purchase (Oct. 1) 10 Fourth purchase (Dec. 1) 5 65,000 Goods available for Sale 45 465,000 Units sold during the year 22 Inventory, Dec 31, 2018 Instructions: Using periodic costing procedures, compute the (1) the ending inventory and (2) the cost of goods sold for the "Mashi Washing Machine" during the year under each of the following cost flow assumptions: a) First-in, first-out. b) Last-in, first-out. c) Average cost (round to nearest dollar, except unit cost). Part-II brir of lower-of-cost-or-market value (LCM) rule, The Raj Crockery & 23