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Question 2 Part A Sunshine Ltd sells and distributes thermometers. The following information was obtained...

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Question 2 Part A Sunshine Ltd sells and distributes thermometers. The following information was obtained from the book of Sunshine Ltd for September 2021 Purchases Date Sept 1 Sept 12 Sept 19 Sept 26 Transactions Beginning inventory Purchases Purchases Purchases Unit 52 90 56 80 Unit cost $96 $100 $104 $105 Sales Date Transactions Unit Sept 6 Sept 17 Sept 29 Sept 30 Sales Sales Sales Ending inventory 24 100 124 ? Unit selling price $199 $199 $209 Required: (0) Assuming Sunshine Ltd is using the Periodic system. Determine the ending inventory for the month of September 2021 using Last-In-First-Out (LIFO) method. First-In-First-Out (FIFO) method. Show all your workings clearly. (3 marks) (LD Assuming Sunshine Ltd is using the Perpetual system. Determine the cost of goods sold (COGS) for the month of September 2021 using the LIFO method. Show all your workings clearly for each sale (6 marks) (ii) Why is a physical count of inventory at year end important for both perpetual and periodic inventory systems? Explain your answer for each system. (4 marks)

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