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: i. Last in first out (LIFO). (12 marks) ii. First in first out (FIFO). (10 marks) 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: i. Last in first out (LIFO). (12 marks) ii. First in first out (FIFO). (10 marks) (b) Prepare trading account for the month ended 31 January 2018 by using the methods of stock valuation in (a) above. (3 marks) Note: Keep your answers to two decimals. N (Total 25 marks)