Question: Question 3 The following information is available about inventory bought by Muga's Company: Opening stock Receipts 1 January 8 January 25 January 4 January 17

Question 3 The following information is available about inventory bought by

Question 3 The following information is available about inventory bought by Muga's Company: Opening stock Receipts 1 January 8 January 25 January 4 January 17 January 31 January 500 units @ 2.00 each 160 units @ 2.20 each 180 units @ 2.25 each 300 units @ 4.50 210 units @ 5.50 290 units @ 5.70 Issues Required: (a) Prepare stock cards for January 2018 by using the following methods of stock valuation: Last in first out (LIFO). (12 marks) ii. First in first out (FIFO). (10 marks)

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