Response to the following problem:
Spratley Ltd is a builders' merchant. On 1 September the business had, as part of its inventories, 20 tonnes of sand at a cost of £18 per tonne and at a total cost of £360. During the first week in September, the business bought the following amounts of sand
September Tonnes Cost per tonne (£)_
2 48 20
4 15 24
6 10 25
Calculate the cost of goods sold and the closing inventories from the above information using the following costing methods:
(a) first in, first out
(b) last in, first out
(c) weighted average cost.