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Stock valuation - numerical questions


Question 1

From the following figures for the month of January, calculate the closing stock in trade that would be shown using FIFO and LIFO.

Bought Bought Sold Sold
January 4 20 at $12 each January 13 18 for $34 each
January 11 25 at $15 each January 22 9 for $30 each

Question 2

From question 1, draw up the trading account for the year showing the gross profits that would have been reported using FIFO and LIFO.