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Unique Limited entered into the following inventory transactions during April 2 0 1 5 April. table [ [ Date , Details ] , [
Unique Limited entered into the following inventory transactions during April April.
tableDateDetails April,tableInventory on hand: units at R each units at R each April,tablePurchased units at R eachPurchased units at R each April,Purchased units at R each April,Sold units April,Purchased units at R each April,Sold units
All units are sold at a selling price of R each. Unique Itd uses the perpetual inventory system.
Required:
Calculate the cost of closing inventory on hand at April using each of the following methods.
First In First Out FIFO
Weighted Average Cost Method.
Calculate the gross profit under each method.
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