Calculate the closing inventory in trade

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Reference no: EM131385850

Draw up trading account parts of the statement of profit or loss using each of the three methods from the details in Review Question.

Question
From the following figures calculate the closing inventory-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

Reference no: EM131385850

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