Question: The beginning inventory at Ella Stores as well as data on purchases and sales for a three-month period are as following: Required: (i) Record the

The beginning inventory at Ella Stores as well as data on

The beginning inventory at Ella Stores as well as data on purchases and sales for a three-month period are as following: Required: (i) Record the movements of inventory with the perpetual inventory system, using the first-in, first-out method. (16 marks) (ii) Determine the total sales and the total cost of goods sold for the threemonth period. (4 marks) (iii) Prepare the journal entry to record the above sales assuming all sales are on account. ( 3 marks) (iv) Determine the gross profit for the period. (1 mark)

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