QUESTION 1 Tamania Ltd. is a retailer operating in Bangladesh. It uses the perpetual method for its inventory transactions. You are provided with the following information for Tasmania Ltd. for the month ended June, 2015. June 1. Beginning inventory 200 unit at a cost of TK 100 per unit June 3. Purchased 600 unit at a cost of TK 120 per unit June 5. Sold 750 unit for TK 150 per unit June 6. Purchased 250 unit for TK 135 per unit June 7. Purchase returns 100 units for TK 120 per unit June 8. Sold 80 unit for TK 160 per unit June 15. Purchased 300 unit for TK 140 per unit Required: a) Calculate: i) Ending inventory, ii) Cost of Goods Sold, iii) Gross profit under LIFO method and FIFO method b) Which method would produce meaningful net income when prices are rising? Why? c) Which method would produce meaningful net income when prices are falling? Why