(i) FIFO, methods. the closing stock in trade that would be shown using Bought March 100 at £16 each Sold September 220 at £19 each December 130 for £24 each 29. 2 For question 29.1 draw up the trading account for the year showing the gross profits that would have been reported using (i) FIFO, (ii) LIFO, (iii) AVCO methods. 29.3A From the following figures calculate the closing stock-in-trade that would be shown using () FIFO, (ii) LIFO, (iii) AVCO methods on a perpetual inventory basis. Bought Sold 120 at £16 each January April October June 125 at £22 each 80 at £18 each November 210 at £25 each 150 at £19 each 27.4A Draw up trading accounts using each of the three methods from the details in question 29.3A. tuck shop business. They began trading on 29.5 The sixth formers at the Broadway School run 1 December 20X9 and sell two types of chocolate bar, 'Break' and 'Brunch'. Thoir ctarting canital was a £200 loan from the School Fund.

(i) FIFO, methods. the closing stock in trade that would be shown using Bought March 100 at £16 each Sold September 220 at £19 each December 130 for £24 each 29. 2 For question 29.1 draw up the trading account for the year showing the gross profits that would have been reported using (i) FIFO, (ii) LIFO, (iii) AVCO methods. 29.3A From the following figures calculate the closing stock-in-trade that would be shown using () FIFO, (ii) LIFO, (iii) AVCO methods on a perpetual inventory basis. Bought Sold 120 at £16 each January April October June 125 at £22 each 80 at £18 each November 210 at £25 each 150 at £19 each 27.4A Draw up trading accounts using each of the three methods from the details in question 29.3A. tuck shop business. They began trading on 29.5 The sixth formers at the Broadway School run 1 December 20X9 and sell two types of chocolate bar, 'Break' and 'Brunch'. Thoir ctarting canital was a £200 loan from the School Fund.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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