Task 1 [covers learning outcomes 1 and all assessment criteria] 1. Explain different types of costs and different costing methods. 2. How costs of goods sold is calculated in a manufacturing organization? Explain with the help of an illustration. 3. Calculate the cost with the given set of data: In the following illustration, assume that G. Chemical Company had a beginning inventory balance that consisted of 4,000 units costing $12 per unit. Purchases and sales are shown in the schedule. Assume that the company conducted a physical count of inventory and confirmed that 5,000 units were actually on hand at the end of the year. Calculate the amount of gross profit and value of ending inventory in the following condition if (a) LIFO (b) FIFO and (c) weighted average method if applied
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