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.
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Bought
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Sold
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January
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120 at £16 each
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June
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125 at £22 each
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April
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80 at £18 each
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November
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210 at £25 each
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October
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150 at £19 each
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