1. During the month of June, the following were the purchases and… 1. During the month of June, the following were the purchases and sales of Fardeen:- Date Receipts QuantityUnit PriceRM Sales QuantityUnit PriceRMJun-011004 Jun-05 6010Jun-08805 Jun-12406 Jun-14 8011Jun-21507 Jun-25 10012Jun-281008 Jun-30 10012.5 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.”Accounting Business Financial Accounting ACC 1014
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