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uestion1 In each of the two questions given below, find the value of the inventory at the end of the period and the cost of sales (a) For the six months ended 31 October, an importer and distributor of one type of washing machine has the following transactions in his records. There was an opening balance of 100 units which had a value of $3 900 4 Bought quantity in units 100 200 400 Cost per unit (S) Date May June August 50 51.88 The price of $51.88 each for the August receipt was $6 125 per unit less than the normal price because of the large quantity ordered. Date July September 350 October Cost per unit (S) 64 70 74 Sold quantity in unit:s 250 100 From the information given above, using Either the weighted average, FIFO or LIFO methods for pricing issues, you are required to: Show the stores ledger records including the closing stock balance and stock valuation. Determine the cost of goods sold. (8 marks) (i) (ii) Prepare in columnar format the trading accounts for the period to show the gross profit using each of the three methods of pricing issues (5 marks) (iii) A physical inventory count revealed a shortage of five units, state how you would bring this into account. (2 marks) uestion1 In each of the two questions given below, find the value of the inventory at the end of the period and the cost of sales (a) For the six months ended 31 October, an importer and distributor of one type of washing machine has the following transactions in his records. There was an opening balance of 100 units which had a value of $3 900 4 Bought quantity in units 100 200 400 Cost per unit (S) Date May June August 50 51.88 The price of $51.88 each for the August receipt was $6 125 per unit less than the normal price because of the large quantity ordered. Date July September 350 October Cost per unit (S) 64 70 74 Sold quantity in unit:s 250 100 From the information given above, using Either the weighted average, FIFO or LIFO methods for pricing issues, you are required to: Show the stores ledger records including the closing stock balance and stock valuation. Determine the cost of goods sold. (8 marks) (i) (ii) Prepare in columnar format the trading accounts for the period to show the gross profit using each of the three methods of pricing issues (5 marks) (iii) A physical inventory count revealed a shortage of five units, state how you would bring this into account. (2 marks)