RED Limited purchases and re-sells a single product called a widget. Details of the purchases and sales of product widget during March 2018 are as follows

Requirement Prepare a table showing the changes in the level of inventory of product widget, the valuation per unit and the total value of inventory held during March 2018, using the :
(i) First In, First Out (FIFO) method;
(ii) Last In, First Out (LIFO) method; and (iii) Weighted average method.

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1 March 2 March 10 March Opening balance Purchases Sales Purchases 100 units Nil @ 5.00 each 50 units 50 units @ 5.50 each 20 March 27 March Sales 60 units Purchases 100 units @ 5.60 each