Argyle Factors is a wholesaler of engine lubricants. On I June 1984, it had a stock of 20 000 litres of lubricant valued at 25 pence per litre. The following movements in lubricant stocks were recorded during the month of June 1984:
June 3 sold 14000 litres 10 purchased 50000 litres at 28 pence per litre 13 sold 30000 litres 15 sold 12000 Iitres 20 purchased 30000 litres at 30 pence per litre 27 sold 34000 litres.
The company operates a perpetual method of stock valuation and stock control.

(a) Calculate the value of closing stocks and cost of goods sold using each of the following methods:
(i) First in, first out (Fifo);
(ii) Last in, last out (Lifo);
(iii) Weighted average .

(b) Prepare journal entries to record all movements in the stock account for June 1984 and show the stock ledger account for the month using the Fifo method of cost recognition, i.e. (i) above .