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Question 3 The information below shows data of inventories bought and sold by Miku Hotel in September 2021 Purchases @ cost price per unit Sales

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Question 3 The information below shows data of inventories bought and sold by Miku Hotel in September 2021 Purchases @ cost price per unit Sales Sales Price Date Sept 5 140 units @ RM15.50 12 100 units RM 19.00/unit 19 70 units @ RM16.00 23 30 units @ RM 17.00 28 90 units RM20.00/unit Requirement Using LIFO method, calculate a. closing inventory b. cost of goods sold and c. gross profit (15 marks)

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