A Draw up trading account parts of the income statement using each of the three methods from the details in Question 29.3.

Question 29.3

From the following figures calculate the closing inventory-in-trade that would be shown using (i) FIFO, (ii) LIFO, (iii) AVCO methods on a perpetual inventory basis. 

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January April October Bought 120 at 16 each 80 at 18 each 150 at 19 each June November Sold 125 at 22 each 210 at 25 each