During its first month of operations, a business made purchases and sales as shown in the table
Question:
All sales were made at £2 each.
Required
Calculate the profit for the month and the stock value held at the end of the month using:
(a) The FIFO approach
(b) The LIFO approach
Transcribed Image Text:
Number of units Number of units sold Unit cost Date purchased 100 100 Jan. 5 Jan. 10 Jan. 15 Jan. 17 Jan. 24 Jan. 30 £1.00 50 £1.10 200 150 300 £1.15 200
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a FIFO Date Description No of units CostPrice Unit Total 5Jan Purchased 10000 100 10000 ...View the full answer
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