Question: Q3. Prepare Inventory Record using FIFO (First In First Out) based on the following information: (10 marks) Smart Touch Leaming began August with 2

Q3. Prepare Inventory Record using FIFO (First In First Out) based on

Q3. Prepare Inventory Record using FIFO (First In First Out) based on the following information: (10 marks) Smart Touch Leaming began August with 2 TAB0503s that cost $350 each. After the August 5 purchase, the inventory on hand consists of 6 units (2+4). On August 15, the company sold 4 units. Under FIFO, the first 2 units sold had the oldest cost ($350 per unit). The next 2 units sold cost $360 each

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