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Use the above information to calculate closing inventory that would be shown using the below methods for 31 March 2020 financial year a) FIFO and AVCO and prepare the trading statement as at 31 March 2020

Use the above information to calculate closing inventory that would be shown using the below methods for 31 March 2020 financial year a) FIFO and AVCO and prepare the trading statement as at 31 March 2020

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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Date                      Bought                        Date                 Sold
01 March 2020      15 at N$ 12.50           06 March 2020     20
05 March 2020      25 at N$ 12.80           15 March 2020     20
17 March 2020      40 at N$ 13.20            24 March 2020    20
23 March 2020      20 at N$ 13.60            30 March 2020    20
31 March 2020      12 at N$ 14.10

Selling price: N$ 20
Use the above information to calculate closing inventory that would be shown using the below methods for 31 March 2020 financial year

a) FIFO and AVCO and prepare the trading statement as at 31 March 2020

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