QUESTION 2 35 MARKS

Selling price: N$ 20

Use the below information to calculate closing inventory that would be shown using below methods for 31 March 2020 financial year.

i) FIFO 04 Marks

ii) AVCO 11 Marks

iii) Calculate purchases using FIFO and AVCO 04 Marks

iv) Calculate cost sale using FIFO and AVCO 04 Marks

v) Calculate sales using FIFO and AVCO 04 Marks

vi) Prepare trading statement as at 31 March 2020 08 Marks