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Question 02: (06+02+02-10 Marks) Following are the transactions related to inventory to control and maintaining the perpetual inventory system to keep the record of
Question 02: (06+02+02-10 Marks) Following are the transactions related to inventory to control and maintaining the perpetual inventory system to keep the record of inventories up-to-date. In November 02, the opening stock was 200 units at $35 each . In November 09: Purchased 150 units costing $50 each. In November 15: Purchased 50 units costing $150 each. In November 20: Sold 150 units. In November 25: Purchased 300 units costing $250 each. Required: 1 11. iii. Maintain the inventory using Last-In, First-Out (LIFO) Method. Find the ending inventory in units and in monetary values. Find the cost of goods sold (COGS).
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