The BabyStyle Company is a retail firm buying and selling a single product: prams for babies. A system of perpetual inventory is employed. During the six months ended 30 June 2019 the inventory activity was as follows: 

1. Calculate the COGS for the six months and the closing balance of inventory, assuming: 

a. LIFO 

b. FIFO 

c. Moving average.

2. What is the gross profit for the period, assuming: 

a. LIFO? 

b. FIFO? 

c. Moving average?

3. Briefly describe a cost-based inventory valuation method other than LIFO, FIFO or Weighted/Moving average cost. 

4. Compare the effects of LIFO and FIFO on balance sheet valuation of inventory and net profit in periods of: 

a. Rising prices. 

b. Falling prices.

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Purchases January commenced business, buying 20 units at $5 per unit March 30 units at $6 per unit 35 units at $7 per unit May Sales February April June 15 units at $10 per unit 30 units at $11 per unit 30 units at $12 per unit