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Q:3 Ali Baba Co. was organized in 2004 to produce a single product. Its production and sales records for the period 2004-2007 are summarized below:-

image text in transcribed Q:3 Ali Baba Co. was organized in 2004 to produce a single product. Its production and sales records for the period 2004-2007 are summarized below:- Kequired:- Calculate the gross profit for each of the four years assuming that inventory balances are calculated in terms of:1- First in first out 2- Last in first out 20 Mark

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