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A business commenced on 1st January and purchases are made as follows:
Month No. of Units Unit Price Value
1st Jan 380 2.00 760
1st Feb 400 2.50 1000
2nd Feb 200 700
1st Mar 350 2.50 875
27th Mar 300 1000
1st April 420 2.75 1155
1st May 430 3.00 1290
4th May 300 1200
1st June 440 3.25 1430
30th June 400 1500
Calculate the closing inventory using both fifo and avco and prepare the income statement and balance sheet under fifo and avco method
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