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 units @ GH1.00

December 4^th purchase 15 units @ GH 3.00

December 10^th purchase 12 units @ GH 5.00

December 12^th purchase 15 units @ GH 6.00

December 15^th purchase 10 units @ GH 5.50

December 20^th sales 18 units @ GH 7.00

December 25^th purchase 16 units @ GH6.00

December 30^th 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 12^th GH2.50, December 20^th GH4.00 and December 30^th GH6.00

You are required to Prepare:

First -in- first out (FIFO) pricing

Last -in-First out(LIFO) pricing.