At the beginning of an accounting period Charlotte’s inventory consisted of 12 ladies’ garments each of which cost £45. During the current accounting period her purchases are listed on the right, in the sequence in which they were made. During the current year she sold 55 garments at £90 each.

Required: Report her performance in the current period and her position as at the end of the period, valuing the unsold inventory using:

(a) FIFO

(b) LIFO

(c) Simple average cost

(d) Weighted average cost.

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Units 30 40 Unit price £50 £60