Condensed Ltd uses a perpetual inventory system. Ignore GST. The following information relates to the inventory of Condensed Ltd during May:

May

1 Beginning inventory 100 units @ $9

3 Purchased 110 units @ $8

10 Purchased 135 units @ $9

12 Sold 110 units

17 Sold 100 units

25 Sold 35 units

1. Assuming Moving Average method is used. (7 marks)

(1) What is the amount of Cost of the Closing Inventory? ______________________

(2) What is the amount of Cost of Sales? ________________

(3) Complete the following table for Moving Average method (round unit cost to the nearest cent)

		Purchase			Sales			Balance
Date	Explanation	Units	Unit Cost	Total Cost	Unit	Unit Cost	Total Cost	Units	Unit Cost	Total Cost

2. Assuming First-In-First-Out (FIFO) method is use. (7 marks)

(1) What is the amount of Cost of the Closing Inventory? ______________________

(2) What is the amount of Cost of Sales? ________________

(3) Complete the following table for FIFO method (round unit cost to the nearest cent).

		Purchase			Sales			Balance
Date	Explanation	Units	Unit Cost	Total Cost	Unit	Unit Cost	Total Cost	Units	Unit Cost	Total Cost