Assume the following purchases were made in ABC Ltd

Date of purchase Units purchased Price/unit

1^st January 500 100

2^nd January 600 200

3^rd January 800 400

Units used on 4^th January are 900. Determine the value/cost of units used by using FIFO, LIFO and weighted average.

Required:

Determine the cost of units used and the value of the closing stocks using FIFO, LIFO and Weighted Average.