Tom Greenacre buys and sells one model of caravan. He provides the following information for April 2007. On 1 April, there was one caravan in inventory, which had cost 17,700.REQUIRED (a) Calculate the value of closing inventory at 30 April 2007, using the weighted average cost (AVCO) method of inventory valuation (b) Discuss whether or not a change from the weighted average cost (AVCO) method to the first in first out (FIFO) method

Date Purchases Sales 10 April 2 (18.000 18 April 2. (23.000 26 April 3 @ 18.400 30 April 2 223,000 nach