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Question 1 Ed Hammer has decided to set up a new business venture after accepting redundancy from his employer. He has started a business buying and selling Blu-ray disc's During the first week of trading, the following transactions occurred: Date Sold Units per Bought Units per unit 1,000 0.15 unit 600 0.40 1st June 2nd June 3rd June 4th June 5th June 6th June 1,200 800 0.175 0.20 1,400 400 0.45 0.425 Other expenses incurred during the week were 250. Requirements: (a) Calculate the cost of the inventory sold and the value of the closing inventory at the end of the week by preparing inventory accounts using the following methods of pricing (1) First-in, First-out, (FIFO), (2) Last-in, First-out, (LIFO). (3) Cumulative Weighted Average. (12 marks) (b) Calculate and discuss the effect that each of the three methods of inventory pricing will have on the reported profit for the first week's trading. (8 marks) (c) Both UK and International Accounting Standards state that LIFO is not an acceptable method of inventory valuation for external reporting. It is argued, however, that the LIFO method is useful for management decision-making. Briefly discuss these differing positions. (5 marks) (Total: 25 marks)