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Calculate value of closing inventory at May

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Reference no: EM132623042

Problem - A business started on 1 May 2016. During the month of May following transactions took place.

 

Quantity Units

Cost Per Unit

Selling price per Unit

2 May Purchased

100

5

 

3 May Purchased

400

10

 

4 May Sold

200

 

15

9 May Purchased

300

15

 

11 May Sold

400

 

20

13 May Purchased

100

13

 

25 May Sold

50

 

25

Required -

1. Calculate value of closing inventory at 30 May 2016 and gross pro?t using FIFO.

2. Calculate value of closing inventory at 30 May 2016 and gross pro?t using LIFO.

3. Calculate value of closing inventory at 30 May 2016 and gross pro?t using weighted average.

Reference no: EM132623042

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