The following information are extracted from Katlungu’s business.
100 at K16 each December 130 for K24 each 220 at K19 each
Calculate the closing inventory in trade that would be shown using
(i) FIFO, (ii) AVCO methods.
(b) Using information in question (a) above draw up the trading account for the year showing
the gross profits that would have been reported using
(i) FIFO (2 mark) (ii) AVCO methods. (4 maks)
a) Calculation of closing inventoryi) FIFO methodii) AVCO Methodb) ... See the full answer