Harry's Hardware started the month with 25 wrenches on the shelf, with an average per unit...

 

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Harry's Hardware started the month with 25 wrenches on the shelf, with an average per unit value of £3.25. During the month, Harry made these additional purchases: 1 April 100 wrenches @ £3.50 10 April 100 wrenches @ £3.75 20 April 150 wrenches @ £4.00 At the end of the month, Harry had 100 wrenches on the shelf. Calculate the value of the Closing Stock and the Cost of Goods Sold using the LIFO method. Harry's Hardware started the month with 25 wrenches on the shelf, with an average per unit value of £3.25. During the month, Harry made these additional purchases: 1 April 100 wrenches @ £3.50 10 April 100 wrenches @ £3.75 20 April 150 wrenches @ £4.00 At the end of the month, Harry had 100 wrenches on the shelf. Calculate the value of the Closing Stock and the Cost of Goods Sold using the LIFO method.

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