A Draw up trading account parts of the income statement using each of the three methods from

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A Draw up trading account parts of the income statement using each of the three methods from the details in Question 29.3.

Question 29.3

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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Frank Woods Business Accounting

ISBN: 9780273759287

12th Edition

Authors: Frank Wood. Sangster, Alan

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Question Posted: Jan 29, 2024 03:06 AM

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A Draw up trading account parts of the income statement using each of the three methods from

Question:

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

Step by Step Answer:

To address your question we need to calculate the closing inventory using each of three inventory valuation methods FIFO FirstIn FirstOut LIFO LastIn FirstOut and AVCO Average Cost We will then use th...View the full answer

Frank Woods Business Accounting

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