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You've been appointed as the new cost accountant at a t-shirt store. They buy and sell different types of men's and women's t-shirts. The following

You've been appointed as the new cost accountant at a t-shirt store. They buy and sell different types of men's and women's t-shirts. The following information has been gathered. Inventory Records - August 2019 Date Records Price Cost 01 August 2019 Bought 120 @ R135 08 August 2019 | Bought 265 @ R142 13 August 2019 Sold 285 @ R295 Cost Selling 21 August 2019 Bought 220 @ R132 Cost 28 August 2019 Sold 230 @ R285 Selling REQUIRED: Calculate the closing inventory at 31 August 2019 by using the LIFO method of valuation

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