A firm has the following transactions with its product R. Year 1 Opening inventory: nil Buys...

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A firm has the following transactions with its product R. Year 1 Opening inventory: nil Buys 10 units at $300 per unit Buys 12 units at $250 per unit Sells 8 units at $400 per unit Buys 6 units at $200 per unit Sells 12 units at $400 per unit Year 2 Buys 10 units at $200 per unit Sells 5 units at $400 per unit Buys 12 units at $150 per unit Sells 25 units at $400 per unit Required Using FIFO, calculate the following on an item by item basis for both year 1 and year The closing inventory The sales (i) (ii) (iii) (iv) The cost of sales The gross profit A firm has the following transactions with its product R. Year 1 Opening inventory: nil Buys 10 units at $300 per unit Buys 12 units at $250 per unit Sells 8 units at $400 per unit Buys 6 units at $200 per unit Sells 12 units at $400 per unit Year 2 Buys 10 units at $200 per unit Sells 5 units at $400 per unit Buys 12 units at $150 per unit Sells 25 units at $400 per unit Required Using FIFO, calculate the following on an item by item basis for both year 1 and year The closing inventory The sales (i) (ii) (iii) (iv) The cost of sales The gross profit

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