Inventory cost flow methods — periodic inventory system Inventories and purchases for the month of January for Good Buys Electrical Ltd are presented in the table below:

Required:
Using the periodic inventory method, calculate the cost of sales for the month of January using the following cost flow assumptions:
i. FIFO ii. weighted average.

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Date Details Units Cost per Unit Total Jan Inventory 13 500 $27 $364 500 7 Purchase 12 750 28 357 000 18 Purchase 23 250 30 697 500 25 Purchase 19 500 31 604 500 31 Inventory 27 000