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Inventories and purchases for the month of April for Smithfield Ltd are as follows: Date Detail Units Cost per unit 1-April Vnventory 7 500 $20 10-April Purchase 8 500 $21 25-April Purchase 4,500 $24 30-April inventory 9,000 Required Determine the cost of ending inventory for the month of April under: a) FIFO cost flow assumption based on the periodic inventory system. 2.5 marks) b) LIFO cost flow assumption based on the periodic inventory system. (2.5 marks) TE % Solution