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“Mr. Daood is an owner of two stores situated at different locations. For costing the sold units, store “M” follows the First- In-First-Out (FIFO) method while store “N” follows the Last- In-First-Out (LIFO) method. On 1st November, both stores have the same quantity in stock that is 8,000 units at Rs. 24.00 per unit. On 12th November, both stores received the supply of 7,000 units at Rs. 25.50 p…
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