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Lifo question; please help watch

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    Date Purchases Sales

    During 2007 15,700 units @ £5 each 14,328 units @ £10 each
    1 Jan 2008 6,000 units @ £5 each
    Jan-May 2008 5,897 units @ £10 each
    1 June 2008 7,500 units @ £6 each
    June – Sept 2008 8,136 units @ £10 each
    1 Oct 2008 6,000 units @ £7 each
    Oct – Dec 2008 5,792 units @ £10 each

    The December 2008 stock take revealed that 3 units of stock were missing and a further 2 units were so severely damaged that they were unlikely to be sold for more than £3 each.

    Q: Calculate the monetary value of the inventory at the end of 2008 using LIFO method;

    please help anyone.

    cheers

    p.s. in bold, is the amount of stock sold.
 
 
 

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