Surgical Gloves

You import and sell surgical gloves. Recently, prices have changed dramatically. Below is a record of purchases and sales of boxes of gloves for the most recent three months of this year.

Date     Purchase/sale price per box (£)
4 February Received 15,000 boxes £8
15 February Sold 17,000 boxes £10
3 March Received 30,000 boxes £11
7 March Sold 35,000 boxes £13
24 March Sold 6,000 boxes £15
3 April Received 30,000 boxes £13
10 April Sold 35,000 boxes £17


You had 20,000 boxes of gloves in stock at the beginning of February, which are valued at £7.50 per box. Other business expenses amount to £7,800 per calendar month, which you pay as they arise.


  1. Calculate both the cost of sales and the closing inventory for the last three months using (i) FIFO; (ii) LIFO; and (iii) AVCO stock flow assumptions.
  2. Calculate your profit for this period using each of the three stock flow

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