Self-test Sweet & Co. purchase sugar from a refinery for repacking and resale. At 1 January 2010 (the start of the financial year), Sweet & Co had a stock of 500 kilo valued at a cost of £1 per kilo. During January the following purchases were made:

Kilo £ per kilo 3 January 800 1.01 13 January 700 1.03 15 January 800 1.05 23 January 500 1.04 During the month the following sales took place:

Kilo 5 January 900 11 January 100 18 January 400 25 January 600 31 January 900 You are required to calculate the value of the closing stock at 31 January using each of the following methods:
(i) AVCO (ii) LIFO (iii) FIFO