Stock Valuation

a. From the following figures provided by C. Dauchaussee, calculate the closing stock-in-trade that would
be shown using
(i) First In, First Out Method (FIFO)
(ii) Last In, First Out Method (LIFO)
(iii) Average Cost Method (AVCO)

Date Bought Date Issued

January 20 at $10 each June 40 at $40 each
March 60 at $15 each December 50 at $50 each
October 40 at $20 each
There was no opening stock-in-hand.

b. Draw up trading accounts for the year ended December 31, 2015 using each of the three methods.

Stock Valuation

a. From the following figures provided by C. Dauchaussee, calculate the closing stock-in-trade that would
be shown using
(i) First In, First Out Method (FIFO)
(ii) Last In, First Out Method (LIFO)
(iii) Average Cost Method (AVCO)

Date Bought Date Issued

January 20 at $10 each June 40 at $40 each
March 60 at $15 each December 50 at $50 each
October 40 at $20 each
There was no opening stock-in-hand.

b. Draw up trading accounts for the year ended December 31, 2015 using each of the three methods.

Stock Valuation

a. From the following figures provided by C. Dauchaussee, calculate the closing stock-in-trade that would
be shown using
(i) First In, First Out Method (FIFO)
(ii) Last In, First Out Method (LIFO)
(iii) Average Cost Method (AVCO)

Date Bought Date Issued

January 20 at $10 each June 40 at $40 each
March 60 at $15 each December 50 at $50 each
October 40 at $20 each
There was no opening stock-in-hand.

b. Draw up trading accounts for the year ended December 31, 2015 using each of the three methods.
Name:___________________________________________ Form:________________________

a. (i) FIFO
Stock after each transaction
Date Received Issued
$ $

(ii) LIFO
Stock after each transaction
Date Received Issued
$ $
Name:___________________________________________ Form:________________________

(iii) AVCO
Date Received Issued Average Cost per Number of Total Value
unit of stock held units in stock of stock

b. C. Dauchaussee
Trading Account for the year ended 31 December 2015
FIFO LIFO AVCO FIFO LIFO AVCO
$ $ $ $ $ $