Q3

Muggle Inc. sells high-end brooms at a retail price of $450 cach. These specialty brooms "magically sweep by themselves. Below is the opening inventory data for Muggle Inc. on January 1 20x9: Date #of Units Balance Jan 1, 2x9 2,000 S480,000 During 20x9. Muggle made the following purchases of brooms: Date Mof Units Cost/Unit Balance March 31 5,000 $250 $1,250,000 July 13 5,000 $260 $1.300,000 Nov 1 4,000 $290 $1,160,000 Having found a real niche market, the brooms flew off the shelves during the year, and total units sold were 14.7501 Muggle Inc. uses a periodic inventory system. Required What would their grows profit for 20x9 be for the year ended December 31, 20x9 10 . They use the FIFO inventory method. (6 marks) h. They use Weighted Average inventory method. (3 marks) (round any caloulation to nearest 2 decimal places)