For Review Question draw up the trading account part of the statement of profit or loss for the year showing the gross profits that would have been reported using (i) FIFO, (ii) LIFO, (iii) AVCO methods.
Question
From the following figures calculate the closing inventory-in-trade that would be shown using (i) FIFO, (ii) LIFO, (iii) AVCO methods.
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Bought
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Sold
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March
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400 at £30 each
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December
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420 at £40 each
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September
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300 at £32 each
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