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Could you please advise? Clyde Wishbone breeds and sells sheep. During the 2017/18 year records disclosed the following: Quantity Value ($) Sheep on Hand -

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Clyde Wishbone breeds and sells sheep. During the 2017/18 year records disclosed the following: Quantity Value ($) Sheep on Hand - 30 June 2017 3,200 17,900 Purchases 100 9,200 Natural Increase 2,900 Sales 4,300 92,400 Rations 100 Deaths 300 Clyde chooses to use the prescribed value for natural increase and average cost for rations and closing stock. Required: Prepare the average cost calculations and the trading account for the 2017/18 tax year. AVERAGE COST CALCULATIONS Qty. of Sheep $ Opening Stock Purchases Natural Increase @ Prescribed Value $ Total Average Cost of One Sheep Average Cost of Rations Qty Sheep for Rations $ Average Cost of Closing Stock Qty Sheep at Closing Stock SHEEP TRADING ACCOUNT Qty. S Qty. Opening Stock Sales Purchases Rations Natural Increase Deaths Gross Profit Closing Stock

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