A Tetley started business as a tea importer on 1 January 2020. Purchases of tea were made by her as follows: Tonnes Price per tonne 1 January 30 700 20 February 20 750 31 March 40 820 10 April 25 880 30 May 35 900 15 June 10 1,050 120 tonnes were sold on 28 June 2020, the net proceeds being 132,000. Please calculate purchases for the period and closing inventory at 30 June (on each of two bases).

Purchases Value of closing inventory:

On a FIFO basis:

On a weighted average basis: