Problem 28 Bought Sold January 24 at 10 each June 30 for E16 each April 16 at 12.50 each November 34 for 18 each October 30 at 13 each Required: FIFO, UFO, AVCO methods on a perpetual (a) Calculate the closing inventory that would be shown using inventory basis (b) Draw up the extract from an income statement for the year showing sales, cost of sales and gross profit that would have been reported using (1) FIFO, () LIFO, () AVCO methods. (a) FIFO: Date Issues Inventory Receipts (Purchases) Inventory Sales Sales (Cost of sales) January April June October November Total Final LIFO: Date Inventory Sales Receipts (Purchases) Issues (Cost of sales) January April June October November Total Final AVCO: Date Inventory Sales Receipts (Purchases) Issues (COS) Average value of 1 item in inventory January April June October November Total Final b) The extracts from the income statements: FIFO LIFO AVCO Sales Cost of sales: Opening stock Purchases less: Closing stock Gross profit