. During the month of June, the following were the purchases and sales of Faris:-
Date
Receipts Quantity
Unit Price
RM
Sales Quantity
Unit Price
RM
Jun-01
100
4
Jun-05
60
10
Jun-08
80
5
Jun-12
40
6
Jun-14
80
11
Jun-21
50
7
Jun-25
100
12
Jun-28
100
8
Jun-30
100
12.5
a) Prepare the inventory movement records and construct trading income accounts for the month of June showing gross profit, using the FIFO (first in, first out)
b) Comment on this statement " The use of LIFO for inventory record cannot be wrong as the United States of America allows LIFO."