Question $3$

a$)$ ShePet Supply Store $($SSS$),$ bought $80$ boxes of vegan pumpkin dog treats at $$3$ each. Later on$,$ SSS bought $150$ more boxes at a cost of $$4$ each. Of these, $100$ boxes of dog treats have been sold.

Required:

Compute the cost of goods sold and the ending inventory using

i$)$ first in$,$ first out inventory valuation

ii$)$ average cost inventory valuation

b$)$ Motor insurance: Prepaid at the $1$ Jan $2023$ was $$75$; paid $$744$ in the year; owing at $31$ December $2023$ was $$100.$

Rent income: Received $$550$ for the rent in the year. Tenant owed $$180$ at $1$ January $2023$ and $$210$ at $31$ December $2023.$

Prepare the ledger accounts for the above transactions.