1
From the following figures calculate the closing stock-in-trade that would be shown using
(i) FIFO, (ii) LIFO, (iii) AVCO methods.
Bought Sold
March 100 at £16 each December 130 for £24 each
September 220 at £19 each
2
For Question 27.1 draw up the trading account section of the trading and profit and loss
account for the year showing the gross profits that would have been reported using (i) FIFO,
(ii) LIFO, (iii) AVCO methods.
3
From the following figures calculate the closing stock-in-trade that would be shown using
(i) FIFO, (ii) LIFO, (iii) AVCO methods on a perpetual inventory basis.
Bought Sold
January 120 at £16 each June 125 at £22 each
April 80 at £18 each November 210 at £25 each
October 150 at £19 each