QUESTION 2 - 10 marks Using the relevant information from page 3 of the Information Booklet REQUIRED: A. Complete the stock card in the pro forma book provided using the FIFO method of inventory valuation Question 2 Date Quantity In Unit Cost Total Cost Quantity Out Unit Cost Total Cost Quantity Balance Unit Cost Total Cost Paul has been reviewing his inventory and has notice that the records for his Ready for Lift Off training guides are not up to date. Paul has looked back through his receipts and invoices and been able to put together the following information but doesn't know how to include it in his accounting system. On July 1 there were 40 training guides in stock with a total value of $340. Each guide sells for $18. a July 3 Date Purchases Sales 40 guides @ $9 each 7 15 guides 9 Customer returned 5 guides as they were damaged 12 30 guides @ $9.15 each 15 40 guides 18 10 guides @ $9.78 each 23 10 guides 26 20 guides @ $9 each 28 Returned 30 guides to supplier that were purchased on July 12 due to a printing error A stocktake on July 31 revealed Paul had 45 Ready for Lift Off guides on hand