How to record inventory Items with step by step working and explanation.

PART A (11 marks) M & M Ltd. is a retailer of automobile tyres. All of the tyres purchased by the firm from overseas suppliers is identical. The opening inventory of the types and purchases during the month of November 2019 were as follows: Date Inventory/Purchases Sales Opening inventory 50,000 tyres @ $50 November 4, 2019 100,000 tyres @ $45 November 15, 2019 100,000 tyres @ $65 November 16, 2019 150,000 tyres @ $40 November 22, 2019 150,000 tyres @ $75 Total 300,000 250,000 Required a) Calculate the total cost of goods available for sale November 2019. (2 marks) b) Explain which inventory costing method, specific identification or moving weighted average, would be most appropriate for the firm inventory of tyres. (1 mark) c) If periodic inventory records are kept, compute the cost of goods sold and inventory at November 30 using last-in, first-out cost flow method. (3 marks) d) Prepare the journal entries to record the November 15 cash sale of 100,000 tyres. (1 mark) e) Assuming that M & M Ltd. uses a perpetual inventory system, determine the related cost of goods sold in part (d) using first-in, first-out (FIFO) method of inventory costing. (4 marks)