Stock valuation - numerical questions
From the following figures for the month of January, calculate the closing stock in trade that would be shown using FIFO and LIFO.
|January 4||20 at $12 each||January 13||18 for $34 each|
|January 11||25 at $15 each||January 22||9 for $30 each|
From question 1, draw up the trading account for the year showing the gross profits that would have been reported using FIFO and LIFO.