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Winter Warmers Ltd sells one type of luxury blanket and uses a perpetual inventory system. During October the following purchases and sales were made: Required:

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Winter Warmers Ltd sells one type of luxury blanket and uses a perpetual inventory system. During October the following purchases and sales were made: Required: a. Calculate the cost of sales and closing inventory under the FIFO method [5 marks] b. Calculating the cost of sales and closing inventory under the weighted average method. [5 marks]

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