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Question 5   From the following figures, calculate the closing stock in trade that would be shown using: FIFO; LIFO; and AVCO   Bought:            March                          100 at RM16 each;                         September                   220 at RM19 each; Sold:                December                    130 for RM24 each.   Besides, draw up a trading account for the year showing the gross profit that would have been reported using FIFO, LIFO and AVCO methods.

Question 5   From the following figures, calculate the closing stock in trade that would be shown using: FIFO; LIFO; and AVCO   Bought:            March                          100 at RM16 each;                         September                   220 at RM19 each; Sold:                December                    130 for RM24 each.   Besides, draw up a trading account for the year showing the gross profit that would have been reported using FIFO, LIFO and AVCO methods.

FINANCIAL ACCOUNTING
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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Question 5

 

From the following figures, calculate the closing stock in trade that would be shown using:

  1. FIFO;
  2. LIFO; and
  3. AVCO

 

Bought:            March                          100 at RM16 each;

                        September                   220 at RM19 each;

Sold:                December                    130 for RM24 each.

 

Besides, draw up a trading account for the year showing the gross profit that would have been reported using FIFO, LIFO and AVCO methods.

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