Question: 2 Date Details Unit Unit Cost January 1 Opening Inventory 150 $25 March 15 May 28 Purchase 500 $29 Purchase 250 $32 September 19 Sales

2 Date Details Unit Unit Cost January 1 Opening Inventory 150 $25 March 15 May 28 Purchase 500 $29 Purchase 250 $32 September 19 Sales 450 $50 November 12 December 5 Purchase Sales 300 $35 400 $50 Instructions: (a) Find the Closing Inventory and Cost of Goods Sold using FIFO, LIFO & Average Cost. (15 Marks) (b) Which costing system would result in the lowest tax expense? Why

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