For question 29.1 draw up the trading account for the year showing the gross profits that would
Question:
For question 29.1 draw up the trading account for the year showing the gross profits that would have been reported using
(i) FIFO,
(ii) LIFO,
(iii) AVCO methods.
Data from question 29.1
From the following figures calculate the closing stock in trade that would be shown using
(i) FIFO,
(ii) LIFO,
(iii) AVCO methods.
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To calculate the closing stock and the gross profits using FIFO LIFO and AVCO methods well need to f...View the full answer
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Related Book For 
Frank Woods Business Accounting Volume 1
ISBN: 9780273681496
10th Edition
Authors: Frank Wood, Alan Sangster
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