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The following information was extracted from the records of Nanamon Ltd, dealers in electric irons for the month of December. December 1 st balance 1

The following information was extracted from the records of Nanamon Ltd, dealers in electric irons for the month of December.

December 1st balance 1 units @ GH1.00

December 4th purchase 15 units @ GH 3.00

December 10th purchase 12 units @ GH 5.00

December 12th purchase 15 units @ GH 6.00

December 15th purchase 10 units @ GH 5.50

December 20th sales 18 units @ GH 7.00

December 25th purchase 16 units @ GH6.00

December 30th sales 25 units @ GH 7.50

The selling general and administrative expense for month totaled GH 100. The standard price of each unit was GH 4.00.

Replacement prices for units sold were as follow December 12th GH2.50, December 20th GH4.00 and December 30th GH6.00

You are required to Prepare:

First -in- first out (FIFO) pricing

Last -in-First out(LIFO) pricing.

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