Question
Please help. Thank you. Q. 5) 20 marks A retail trader maintains his accounting records based on First In First Out method of inventory valuation.
Please help. Thank you.
Q. 5) 20 marks
A retail trader maintains his accounting records based on First In First Out method of inventory valuation. During the month of October 2022, his business recorded the below transactions 03-Oct Purchased 3,500 ltr. each valued at $3.20 05-Oct Sold 3,200 ltr. 09-Oct Purchased 3,000 ltr., each valued at $3.25 14-Oct Sold 2,800 ltr. 18-Oct Purchased 1,300 ltr. each valued at $3.40 21-Oct Purchased 2,100 ltr. each valued at $3.30 23-Oct Sold 2,000 ltr. 27-Oct Purchased 1,800 ltr. each valued at $3.25 31-Oct Sold 2,300 ltr. You are required to value the sales as well as the closing stock on each transaction date.
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