7 4. a) Differentiate between work in process and finished goods inventory. b) Calculate the value of ending inventory using FIFO method from the following information: Date Description Quantity Price per Unit January 1 Opening Stock 80 TK 10.00 3 Sale 70 TK 30 5 Purchases 120 TK 16 Sale 90 TK 35 10 Purchases 280 TK 14 12 Sale 10 TK 38 13 Sale 130 TK 40 15 Sale 25 TK 42 20 Sales Return 30 TK 42 23 Sale 180 TK 45 25 Purchases 300 TK 25 26 Purchases 12 TK 27 27 Purchase 3 TK 27 return 29 Sale 298 TK 55 30 Sale 16 TK 60