Question: The following information relates to the inventory of a bookseller in the records of M. Ozil Ltd, ignore GST.
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May-01
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Beginning Inventory
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80 units @ $7
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May-03
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Purchased
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90 units @ $8
|
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May-10
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Purchased
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110 units @ $9
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May-12
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Sold
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90 units
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May-17
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Sold
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80 units
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May-25
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Sold
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30 units
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Required: Using a perpetual system and the FIFO method, determine the cost of the year-end inventory and the cost of sales.
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