A business buys and sells sand. On 1 April the stock of sand was 1,200 tons, which had cost £8 per ton. During the month of April the following purchases and sales were made:

Required:
Calculate the cost of the sand in stock on 30 April using each of the following stock valuation methods:

(a) FIFO

(b) LIFO

(c) AVCO.

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3 April 10 April 14 April 18 April 23 April Bought 500 tons at 8.50 per ton Sold 900 tons Bought 400 tons at 8.30 per ton Bought 600 tons at 8.10 per ton Sold 1,100 tons