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On 1 November 2021 a Business held 300 units of finished goods in Inventory. These were valued at 12 each. During November 2021 three batches
On 1 November 2021 a Business held 300 units of finished goods in Inventory. These were valued at 12 each. During November 2021 three batches of finished goods were received into store from the production department as follows: Date 10 November 20 November 25 November Units Received 400 400 400 Cost Per Unit 12.50 14.00 15.00 Goods Sold from Inventory during November were as follows: Date 14 November 21 November 28 November Required: Units Sold 500 500 100 Selling Price Per Unit 20.00 20.00 20.00 (a) Calculate the Closing Inventory Valuation at the end of November 2021 applying the following Methods: [i] FIFO [ii] LIFO [iii] AVCO [17]
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