Remaining Time: 1 hour, 45 minutes, 16 seconds. Question Completion Status: FIFO METHOD On 1 August L&T Co. had a balance in inventory of 120 units at AED14.25 per unit. The following transactions occurred during the month Augs 4 Purchased 155 units at AED15 per unit Augs 5 Retumed 10 units from August 4 purchases Augs 6 Sold 175 units Augs8 40 of the units sold on Augs 6 were returned Augs 10 Purchased 135 units al AED 17 per unit Augs 12 Returned 25 of the units that was purchased on Augs 10 a. Prepare the inventory valuation report using FIFO (First In-First Out) b. Compute the total cost of goods sold and ending inventory on Augs. 31. Date Description Cost of goods purchased Units Price Cost of goods sold Units Price Total Cost Ending Invento Units Total Cost
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