MOYO is a general trader engaged in selling second hand vehicles. MOYO normally buys his cars online from Trade Cars for Zed, collects them from the border when they arrive and parks them in his yard for client viewing. On 1 June 2020, MOYO had three (3) Toyota Mark X in the yard. These were valued at K70 000 each. During June 2020, 12 more Toyota Mark X were delivered as follows:

Date Cars Received Purchase price/Car

5 June 4 K80 000

10 June 4 K75 000

15 June 4 K90 000

Toyota Mark X sold during June were as follows:

Date Cars Sold Sales Price / Car

13 June 5 K110 000

19 June 5 K110 000

27 June 1 K110 000

Required

Calculate the gross profit from selling the cars in June 2020, applying following principles of inventory valuation:

1. First In First Out (FIFO) (3)
2. Last In First Out (LIFO) (3)
3. Weighted Average (AVCO) (4)