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QUESTION 5 - Inventory (13 MARKS) Lammend Corporation method with the following information viable: Usis Uni Cont Total Cost jan. 1 Regning investory 15 $400 $ 60 20 Purchase GO 4.60 264 21 Sales for $14 each 65 juy 25 Purchase 30 4.30 126 Oct.20 Purchase 45 480 216 Nov. 15 Salad for $15 each Instructions en Working Paper has attached on the following you MUST show ALL CALCULATIONS In order to obtain Mimarks. No calculations.ZERO marks awarded Answer the following independent de questions for a mond's transactions What is the wie of Cost of Goods Avile for sale at the end of November th) How many units were able for sale during the year d) Assume that the company uses the FIFO cout formula The cost of good old for the 21ste was How much gross proft was earned on this sale Assume that the company was the PFO cost formula. The value of the ending inventoryter the October 20 purchases e Astute that the company uses the weape cost formula. The cost of goods sold for the 21 sale Use two decima pontony to calculate your were un cost 1. Record the tournal entry for the an undertion above Account title and explanation DE (9) Assume that the company uses the perpetual average cost formula The value of the inventory after the November 15 sale was $ Use two decimal spots to calculate your average unit cost. (s) Assuming the company uses the PERIODIC system, what would year end Inventory be under: 2. AVERAGE costing method $

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