Calculate the closing inventory in trade

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Reference no: EM131385866

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.

Bought		Sold
March	400 at £30 each	December	420 at £40 each
September	300 at £32 each

Reference no: EM131385866

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