During last month, P&G Inc. made the following sales and purchases of pencil erasers. July 01...

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During last month, P&G Inc. made the following sales and purchases of pencil erasers. July 01 July 08 July 19 July 26 July 29 July 31 Purchase 400 items @ $10.00 each i Purchase 600 items @ $7.00 each Sold 500 items Sales Price $12 per unit. Sold 200 items Sales Price $14 per unit Purchase 600 items @ $6.00 Each 500 items Sales Price $16 per unit A. From the information given above calculate the closing stock using the method for: L FIFO (7 marks) AVCO (7 marks) B. Prepare the Trading Account for the period using FIFO and AVCO, clearly showing the Cost of Sales and the Gross Profit. (6 marks) During last month, P&G Inc. made the following sales and purchases of pencil erasers. July 01 July 08 July 19 July 26 July 29 July 31 Purchase 400 items @ $10.00 each i Purchase 600 items @ $7.00 each Sold 500 items Sales Price $12 per unit. Sold 200 items Sales Price $14 per unit Purchase 600 items @ $6.00 Each 500 items Sales Price $16 per unit A. From the information given above calculate the closing stock using the method for: L FIFO (7 marks) AVCO (7 marks) B. Prepare the Trading Account for the period using FIFO and AVCO, clearly showing the Cost of Sales and the Gross Profit. (6 marks)