During the year ended 31 December 20X0 Town made the following sales and purchases

J. Town’s stock at 1 January 20X0 consisted of 100 units, costed as follows:

FIFO	100 units @ £60	£60,000
Average cost	100 units @ £55	£5,500

During the year ended 31 December 20X0 Town made the following sales and purchases:

	Purchases	Sales (units)
January	10 @
March	£60	40
April	80 @
June	£100	30
November		20
December	10 @ £120

State Town’s stock at 31 December 20X0 and the cost of goods sold for the year ended 31 December 20X0 based on:

(a) FIFO;

(b) average cost (perpetual).