Question: Find the closing stock using the stock valuation methods of FIFO and $$

$$

$$ Weighted Average.

$$ Data as follows:

$$ Jan. $1$ opening balance $500$ units at $$34$ per unit

$$ Jan$\mathrm{.}2$ bought $400$ units for $$40$ per unit.

$$ Feb$\mathrm{.}12$ bought $500$ units per $$60$ per unit

$$ April $18$ sold $600$ units for $$70$ per unit.

$$ June $20$ bought $450$ units for $$90$ per unit

$$ Sept$\mathrm{.}23$ sold $250$ units for $$110$ per unit

$$Dec$.14$ bought $350$ units for $$210$ per unit.

$$

$$Required: Use the perpetual approach to find the following:

$$a$)$ Closing stock using FIFO and the weighted average$$methods

$$c$)$ Profit or loss using the weighted average and FIFO methods

$(30$ Marks$)$