At the start of May, Sterns Ltd had an opening inventory of 20 calculators valued at 3
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At the start of May, Sterns Ltd had an opening inventory of 20 calculators valued at £3 each.
During May, the following occurred:
6 May - sold 15 calculators for £7 each 13 May - bought 15 calculators for £4 each 21 May - sold 17 calculators for £8 each Using the FIFO method of inventory valuation, the closing inventory at the end of May is:
(a) £9
(b) £11.25 :
(chr 12
(d) £24
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