Question 1(6 marks) Shmapple Electronics Ltd. is a retail company that sells cellular phones. The company uses the perpetual inventory system and follows the FIFO methos for inventory valuation. The following information is available for November 2023. Date November 1 5 Nov 10 Nov 15 Nov 22 Activity Opening inventory Purchases Sales Purchases Sales Units 500 400 200 300 300 Cost/ Selling price per unit $350 $320 $600 $310 $590 Required: Calculate the Cost of goods sold and Ending Inventory for the month of Novembe using the FIFO method.

Shmapple Electronics Ltd, is a retail company that sells cellular phones. The company uses the perpetual inventory system and follows the FIFO methos for inventory valuation. The foll....... twe fystem and follows the for November 2023. Required: Calculate the Cost of goods sold and Ending Inventory for the month of Novemb using the FIFO method