Question: Question 2 (11 marks) Bradbury Ptd Ltd uses a first in, first out (FIFO) inventory system to account for its purchases of specialty pens.

Question 2 (11 marks) Bradbury Ptd Ltd uses a first in, firstout (FIFO) inventory system to account for its purchases of specialty pens.

Question 2 (11 marks) Bradbury Ptd Ltd uses a first in, first out (FIFO) inventory system to account for its purchases of specialty pens. On 1 June, Bradbury had 300 pens on hand at a cost of $10 per pen. Purchases and sales were: Date June 1 June 9 June 10 June 14 June 20 June 28 A stocktake at 30 June revealed 448 pens on hand. Detail Purchased 200 pens at $12 each Sold 350 pens at $20 each Purchased 400 pens at $9 each Sold 200 pens at $17 each Sold 150 pens at $22 each Purchased 250 pens for $15 each

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