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Prepare Income statement for the six months ended June

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Reference no: EM133091218

Question - The following details were extracted from the records of a trader which sells only one product on 31 December 2019: purchases and sales of a good by a trader are as follows:

Purchases Sales

2019

Jan 100 units at €50 each

Feb 50 units at €55 each

Apr 80 units at €61 each

2019

Mar 30 units at 75 each

May 110 units at €77 each

June 50 units at €80 each

Purchases total: €12,630

Sales total: €14,720

There was no opening stock.

Required -

1) Calculate the closing stock using (a) FIFO (b) LIFO and (c) Average cost methods.

2) Prepare Income statement for the six months ended 30 June 2019 using the different values of closing stock obtained in a above.

Reference no: EM133091218

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