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Question 11 (6 marks) Harlow Limited uses the periodic inventory system and had the following inventory information available for the financial year ended 31 December
Question 11 (6 marks) Harlow Limited uses the periodic inventory system and had the following inventory information available for the financial year ended 31 December 2022: Units Unit cost 1 Jan 15 $4.00 Beginning inventory Purchase 20 Jan 60 $4.40 25 Jul Purchase 30 $4.20 20 Oct Purchase 45 $4.80 A physical count of inventory on 31 December 2022 revealed that there were 50 units left on hand. Q11(a): Assume that the company uses the FIFO method. Calculate the value of the ending inventory at 31 December 2022. (Show computations). Q11(b): Assume that the company uses the average cost method. Calculate the value of the ending inventory on 31 December 2022. (Show computations). Calculate the value of the ending Q11(c): Assume that the company uses the LIFO m nod inventory on 31 December 2022. (Show computations). Q11(d): Assume that the company uses the FIFO method. Calculate the value of the cost of sales for the financial year ended 31 December 2022. (Show computations)
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