Cream Ltd commenced trading on 1 January 2023. The purchases and sales for the year have been as follows: Purchases Sales January 6,200 at Rs3.00 each February March June 4,100 at Rs 3.10 each 3,400 at Rs4.20 each 2,100 at Rs3.15 each July 5,200 at Rs 4.15 each September 3,100 at Rs3.20 each October 1,100 at Rs3.50 each November 4,200 at Rs4.40 each December 1,500 at Rs4.60 each On 1 January 2023, Cream Ltd raised share capital of Rs50,000 and five-year loans of Rs45,000. During the year all purchases and sales were on cash terms, and expenses of Rs11,400 were also paid in cash. REQUIRED: Prepare an Income statement for the year ended 31 December 2023 using: i. The FIFO (first-in-first-out) method of inventory valuation ( ii. The AVCO method of inventory valuation

What is the formula used for the questions without using excel?

what exactly is a cookie jar reserve?  Does using a cookie jar reserve follow GAAP?  Does using a cookie jar reserve appear to be an ethical practice?  Support your opinion.  Your post should be more than a single sentence.

hrl.3 answer must be in proper format or i will give down vote